Interfund Loan for Deerfield Estates Sewage and Lift Station Improvements MSBU
From:
Amy Lovoy, Department Head
Organization:
OMB
CAO Approval:
RECOMMENDATION:
Recommendation Concerning an Interfund Loan for the Deerfield Estates Sewage and Lift Station Improvements MSBU - Amy Lovoy, Management and Budget Services Department Director
That the Board take the following action concerning an interfund loan for the Deerfield Estates Sewage and Lift Station Improvements Municipal Services Benefit Unit (MSBU):
A. Approve an interfund loan from the Local Option Sales Tax III Fund (352) to the MSBU Assessment Program Fund (177) in an amount not to exceed $501,488, to pay costs associated with improving the Deerfield Estates Sewage and 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 #250, MSBU Assessment Program Fund (177), in the amount of $501,488, to recognize the proceeds of the interfund loan, and to appropriate these funds for the Deerfield Estates Sewage and Lift Station Improvements.
BACKGROUND:
On August 9, 2012, the Board approved an Ordinance creating the Deerfield Estates Subdivision Sewage and Lift Station Improvement MSBU so that the County could assess Deerfield Estates property owners the costs of requested improvements that would be completed by Emerald Coast Utilities Authority (ECUA). ECUA has completed the work and since MSBU assessments have not yet been collected from the subdivision property owners, an interfund loan from the Local Option Sales Tax Fund will provide temporary funding. The loan will be repaid as MSBU Assessments are collected.
BUDGETARY IMPACT:
This amendment will increase Fund 177 by $501,488.
LEGAL CONSIDERATIONS/SIGN-OFF:
N/A
PERSONNEL:
N/A
POLICY/REQUIREMENT FOR BOARD ACTION:
Board policy requires increases and decreases in revenues to be approved by the Board.