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County Administrator's Report 12. 21.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/23/2015
Issue: Supplemental Budget Amendment #200 for an Interest Free Interund loan for Cash Flow in the Gulf Cost Restoration Fund
From:	Stephan Hall
Department:	OMB
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #200 Authorizing an Interest Free Interfund Loan Between the Local Option Sales Tax Fund and the Gulf Coast Restoration Fund - Stephan Hall, Budget Manager, Management and Budget Services

That the Board take the following action:

A. Authorize an interest free interfund loan from the Local Option Sales Tax (LOST) Fund (352) to the Gulf Coast Restoration Fund (118), in an amount not to exceed $2,000,000, with LOST being reimbursed as Grant funds are received in order to cashflow a reimbursable Restore Act Grant for Bayou Chico from the National Fish and Wildlife Foundation (NFWF); and

B. Adopt the Resolution approving Supplemental Budget Amendment #200, Gulf Coast Restoration Fund (118), in the amount of $2,000,000, to recognize the proceeds of an interfund loan, and to appropriate these funds for the purpose of cashflowing the Restore Act (NFWF) Bayou Chico Grant to be received in the amount of $11,032,250.

BACKGROUND:

This action will authorize an interest free interfund loan in the amount of $2,000,000 from the LOST Fund (352) to establish a cashflow in the Gulf Coast Restoration Fund (118) for projects in and around Bayou Chico totalling $11,032,250. The grant funds will reimburse the LOST Fund (352) the $2,000,000 as those grant funds are remitted back to Escambia County as the Bayou Chico projects are completed.

There is currently $59,200,000 in cash in the LOST Fund. This action would allow the $2,000,000 to be loaned to the Gulf Coast Restoration Fund (118) to facilitate the cash flow for the reimbursable Restore (NFWF) Bayou Chico Grant.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA #200