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County Administrator's Report 11. 5.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/10/2014
Issue: Interfund Loan from Local Option Sales Tax (LOST) Fund to the Disaster Recovery Fund
From:	Amy Lovoy
Department:	OMB
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Approval of an Interfund Loan from the LOST Fund (352) to the Disaster Recovery Fund (112) - Amy Lovoy, Management and Budget Services Department Director

That the Board authorize a revolving, interest-free interfund loan from the Local Option Sales Tax (LOST) III Fund (352) to the Disaster Recovery Fund (112), in an amount not to exceed $10,000,000, to provide cash for the disaster event recovery costs until such time that reimbursements are received from the Federal Emergency Management Agency (FEMA) and the State of Florida.

BACKGROUND:

Due to the recent disaster the County has incurred large costs for recovery. Some of these costs will come due prior to receiving any reimbursements from FEMA and the State of Florida. To finance this recovery cash will be transferred from the LOST fund when needed; then repaid when FEMA/State DEM reimbursements are received and the cash is not needed.

BUDGETARY IMPACT:

It is not anticipated this cash will be needed by the LOST fund prior to receiving reimbursements from FEMA/State DEM. However, the County currently has a 12.5% local match on eligible projects. This amount along with any costs deemed ineligible by FEMA will be the responsibility of the County to fund. Not all of these costs will be eligible to be paid from LOST. Therefore, General Fund dollars may be ultimately needed to pay portions of the local match and ineligible projects.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

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