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County Administrator's Report 15. 22.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/24/2014
Issue: Supplemental Budget Amendment #228, Innerarity Island Development Corporation Subsidy
From:	Amy Lovoy
Department:	OMB
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #228 - Amy Lovoy, Management and Budget Services Department Director

That the Board adopt the Resolution approving Supplemental Budget Amendment #228, General Fund (001) and Special Revenue Fund (101) in the amount of $17,500, to recognize a transfer from the General Fund (001) and to appropriate these funds to cover the operating losses of Innerarity Island Development Corporation (IIDC).

BACKGROUND:

On March 21, 2014, the courts ordered Escambia County to become the receiver for IIDC, an abandoned wastewater and water utility. Currently, billings lag behind the monthly expenses. Therefore, additional funds are necessary to pay the bills.

BUDGETARY IMPACT:

A total of $17,500 will be transferred from the General Fund's Reserves for Operating. This will be the 2nd transfer from the General Fund for this utility. Total transfers inclusive of the current transfer are $67,500.

The current transfer $17,500 is approximately one month's worth of operating expenses.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA #228