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TAC sets aside $5.05 million of FY24 interest earnings to balance entry after discussion on allocation
Summary
The TAC voted to place $5,050,000 of fiscal-year-2024 interest earnings into the regional project balance entry to provide a conservative contingency for rising project costs; members discussed alternatives including targeted allocations to Smart Scale candidates and rural localities.
The Technical Advisory Committee voted to set aside $5,050,000 from FY24 interest earnings into the regional project balance entry to help cover project cost increases and provide a contingency for projects that face higher-than-expected bids.
Staff reported the authority had previously placed $5,850,000 from FY24 interest earnings into a set-aside for regional project development; the current exercise was to recommend a specific allocation of available interest earnings. Chet presented three alternatives for the TAC: 1) move the funds into the…
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