2020 Capital Budget Update Due to COVID-19

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The decision

2020-06-24 · Board of Governors of Exhibition Place · adopted

As filed

The Board of Governors of Exhibition Place: 1. Received the report (June 10, 2020) from the Chief Executive Officer, Exhibition Place for information.

On the agenda

As the city filed it

In April 2020 the City Managers Office looked at options to reduce its growing costs due to the COVID-19 situation and one of the efforts the City considered was the reduction and or cancellation of yet to be started 2020 Capital projects funded from CFC (Capital from Current). The City Financial Planning Department worked with all ABC's by issuing Capital from Current (CFC) Guidelines for the ABC to follow when revising their 2020 Budget.

Show the rest of As the city filed it, 343 more characters as filed

In accordance with the CFC Reduction Guidelines, Exhibition Place adjusted its total capital projects for 2020 from $14.273 million to $7.838 million (Schedule 1) with $6.435 million funded by debt and $1.403 million funded by alternative sources. The overall reduction in 2020 Capital Projects to meet the City's directives is $6.435 million.

Staff recommended

The Chief Executive Officer recommends that: 1. The Board receive this report for information.

On the record

The item as the City filed it