Agenda

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County Administrator's Report 9. 9.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	01/05/2017
Issue: Supplemental Budget Amendment #040 - Legal Settlment for the Innerarity Island Development Corporation (IIDC)
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #040 - Stephan Hall, Budget Manager, Management and Budget Services

That the Board adopt the Resolution approving Supplemental Budget Amendment #040, Escambia Restricted Fund (101) in the amount of $763,118, to recognize the proceeds of an interfund loan from the Internal Service Fund (501) (as a Due to /Due from) as authorized at the 12/8/2016 Board Meeting, and to appropriate these funds to be used for the payment of the legal settlement associated with the Innerarity Island Development Corporation (IIDC).

BACKGROUND:

The Board has authorized a cash amount to settle the litigation between the County and the Former owners of the Innerarity Island Development Corporation. In exchange for the cash paid by the County to the former owners certain assets will be transferred to the County. These assets will be sold and the proceeds of these sales will be used to pay back the interfund loan.

Repayment of the interfund loan will be made from any and all sales of assets resulting from the legal settlement.

BUDGETARY IMPACT:

This SBA recognizes an interfund load from Fund 501 to Fund 101, and allocates $763,118 in the IIDC Cost Center 110210, Fund 101, for the payment of the legal settlement. The sale of assets from the legal settlement will repay the interfund loan.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

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

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA#040