Agenda

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County Administrator's Report 13. 1.

BCC Regular Meeting

Discussion

Meeting Date:	02/18/2016
Issue: Budget Amendment #089 - OLFx Economic Development Initiative
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Budget Amendment #089 - Stephan Hall, Budget Manager, Management and Budget Services

That the Board approve Budget Amendment #089, Non-Departmental/Public Facilities, Local Option Sales Tax (LOST), Fund 352, in the amount of $5,000,000, per the Board action on October 8, 2015, establishing an economic development initiative for the OLFx Property and establishing a Memorandum of Understanding (MOU) with the United States Navy to develop this property.

[Funding: Project # 16PF3518, OLFx Economic Development Initiative, Cost Center 110273]

BACKGROUND:

Funds are being reallocated from LOST Reserves per BCC action on 10/8/2015 establishing a separate allocation of LOST Funds for the OLFx Property as part of an economic development initiative for Escambia County.

Funding: Project # 16PF3518, OLFx Economic Development Initiative, Cost Center 110273

BUDGETARY IMPACT:

This amendment will decrease LOST Reserves by $5,000,000.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

Board policy requires certain allocations from LOST Reserves to be approved by the Board.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
BA#089