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County Administrator's Report 13. 5.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/07/2015
Issue: SBA#184 - Interest Free Interfund Loan for the Replacement of the Toll Collection System at the Bob Sikes Toll Bridge
From:	Stephan Hall
Department:	OMB
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #184 Authorizing an Interest-Free Interfund Loan between the Local Option Sales Tax Fund and the Bob Sikes Toll Bridge Fund - Stephan Hall, Management and Budget Services Interim Department Director

That the Board take the following action:

A. Authorize an additional interest-free interfund loan from the Local Option Sales Tax (LOST) III Fund (352) to the Bob Sikes Toll Bridge Fund (167), in the amount of $262,371, with a payback period not to exceed five years. Additional funds are necessary due to the bid coming in higher than the established budget of $1,500,000 for the project, with the bid amount of $1,762,370.71; and

B. Adopt the Resolution approving Supplemental Budget Amendment #184, Bob Sikes Toll Bridge Fund (167), in the amount of $262,371, to recognize the proceeds of the interfund loan, and to appropriate these funds for the replacement of the toll collection system at the Bob Sikes Toll Bridge.

BACKGROUND:

On December 11, 2014 the Board approved an emergency purchase order to temporarily repair and stabilize the failing toll system at the Bob Sikes Toll Bridge. The cost for the permanent replacement of the toll collection system is $1,762,370.71 per PD 14-15.030 and will include state of the art technology to improve the traffic flow at the facility. In order to complete the permanent system an additional interfund loan is necessary in the amount of $262,371.

BUDGETARY IMPACT:

This action will authorize an interest-free interfund loan in the total amount of $1,762,371 from the LOST Fund to establish the project budget. The payback period will be not to exceed 5 years.

There is currently $59,200,000 in cash in the LOST Fund. This action will allow a total of $1,062,371 to be loaned to the Bob Sikes Toll Bridge Fund.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA#184