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County Administrator's Report 14. 22.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	12/06/2018
Issue: Interfund Loan for Creekwood and Creekwood Oaks Lift Station Improvements MSBU
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning an Interfund Loan for the Creekwood and Creekwood Oaks Lift Station Improvements MSBU - Stephan Hall, Budget Manager, Management and Budget Services

That the Board take the following action concerning an interfund loan for the Creekwood and Creekwood Oaks Lift Station Improvements Municipal Services Benefit Unit (MSBU):

A. Approve an interfund loan from the Local Option Sales Tax (LOST) III Fund (352), to the MSBU Assessment Program Fund (177), in an amount not to exceed $624,875, to pay costs associated with improving the Creekwood and Creekwood Oaks Lift Station. The interfund loan with have a maximum repayment schedule of 20 years and be repaid from MSBU assessments; and

B. Adopt the Resolution approving Supplemental Budget Amendment #031, MSBU Assessment Program Fund (177), in the amount of $624,875, to recognize the proceeds of the interfund loan, and to appropriate these funds for the Creekwood and Creekwood Oaks Lift Station Improvements.

BACKGROUND:

On May 25, 2017, the Board approved an Ordinance creating the Creekwood and Creekwood Oaks Lift Station Improvement MSBU so that the County could assess Creekwood and Creekwood Oaks property owners the costs of requested improvements that would be completed by Emerald Coast Utilities Authority (ECUA). ECUA will complete the work before MSBU assessments are collected from the subdivision property owners, therefore an interfund loan from the Local Option Sales Tax Fund will provide temporary project funding. The loan will be repaid as MSBU Assessments are collected.

The total project cost is $624,875, amortized at 4%, for a repayment period of 20 years. The assessment includes capitalized interest, 1% Administrative Fee, and a 2% Tax Collector's Fee. The estimated annual assessment is $469.08 per property or a $6,374.97 up front payment.

BUDGETARY IMPACT:

This amendment will increase Fund 177 by $624,875.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

The Board must approve interfund loans.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA #031
Investment Policy Disclosure