Agenda

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County Administrator's Report 11. 12.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	06/20/2019
Issue: Interfund Loan for Creekwood and Creekwood Oaks Lift Station Improvements MSBU
From:	STEPHAN HALL
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning the 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 the interfund loan for the Creekwood and Creekwood Oaks Lift Station Improvements Municipal Services Benefit Unit (MSBU):

A. Approve an increase to the interfund loan from the Local Option Sales Tax (LOST) III Fund (352), to the MSBU Assessment Program Fund (177), in the amount of $62,488, to pay costs associated with improving the Creekwood and Creekwood Oaks Lift Station. The interfund loan will have a maximum repayment schedule of 20 years and be repaid from MSBU assessments; and

B. Adopt the Resolution approving Supplemental Budget Amendment #179, MSBU Assessment Program Fund (177), in the amount of $62,488, 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 the Board approved an interfund loan from LOST III on December 6, 2018 to provide temporary project funding. The original loan amount was $624,875 and an increase of $62,488 (10%) is now necessary due to anticipated increases in project costs. Total project costs and interfund loan amount are now anticipated to be $687,363.

This increase will not require any additional approval from propery owners or modification to the MSBU ordinance because the original petition that property owners signed to show their support included a clause stipulating that costs could vary as much as 10% without the need to re-petition.

The loan will be repaid as MSBU Assessments are collected over a 20 year term.

BUDGETARY IMPACT:

This Amendment will increase Fund 177 by $62,488.

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
Investment Policy Disclosure
SBA #179