Agenda

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County Administrator's Report 13. 12.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	04/04/2019
Issue: SBA#082 - Recognizing available balances in the LOST III and LOST IV Funds and amending the FY18/19 Budget
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #082 - Stephan Hall, Budget Manager, Management and Budget Services

That the Board adopt the Resolution approving Supplemental Budget Amendment #082, Local Option Sales Tax (LOST) III and Local Option Sales Tax (LOST) IV Funds, in the amount of $22,992,637, to recognize the available funding that is currently not in the Adopted Fiscal Year 2018-2019 Budget. Funds will be used for various infrastructure and economic development project initiatives in Escambia County.

BACKGROUND:

There is available LOST III and LOST IV infrastructure and economic development project funding that has not been recognized in the Fiscal Year 2018-19 Budget. This amendment recognizes the balance of those available funds to be used for these initiatives.

New LOST III allocations include two economic development projects, S.T. Aerospace Project at the Pensacola Airport in the amount of $2.5 Million, a reserve allocation of $3,758,942, and $250,000 toward the Pensacola BAARS Building construction.

BUDGETARY IMPACT:

This amendment increases LOST III by $16,284,563 and LOST IV by $6,708,074.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

There are no increases to personnel assoicated with this budget amendment, however project salaries are being established to adjust those projects accordingly to support existing employees payroll.

POLICY/REQUIREMENT FOR BOARD ACTION:

Board policy requires increases and decreases in revenues to be approved by the Board.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA#082
SBA#082 Backup