Agenda

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County Administrator's Report 10. 36.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	09/06/2018
Issue: Supplemental Budget Amendment # 205 - Adjustment to Debt Service Payments for FY2017/18
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #205 - Stephan Hall, Budget Manager, Management and Budget Services

That the Board adopt the Resolution approving Supplemental Budget amendment #205, Bob Sikes Toll Fund (167) and Debt Service Fund (203) in the amount of $120,918, to recognize an adjustment to three of the County's bonds due to the recent Federal tax law changes or other debt service costs that increased the debt service payments, and to appropriate this adjustment to pay the remaining debt service costs to complete Fiscal Year 2017/2018.

BACKGROUND:

The changes in the Federal tax law affected 2 of the County bond issues, another bond issue has a recording entry that reflects a slight increase in other debt service costs associated with that Bond. The three bonds that were affected are the 2017 Series Jail Sales Tax Bonds, Beach Road Bonds, and IHMC Capital Revenue Bonds respectively.

IHMC will reimburse to cover the increase on that bond issue.
Beach Road Bonds will be covered by an increase in the Bob Sikes Funds.
2017 Series Jail Sales Tax Bonds will be covered by an ajustment to the interest recieved.

BUDGETARY IMPACT:

This amendment will increase Fund 203 by $120,918.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

Board policyt requires increases and decreases in funding to be approved by the Board.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA#205