Agenda

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Special BCC Meeting

Meeting Date:	06/21/2016
Issue: Supplemental Budget Amendment #164 - Voluntary Tax Credit Funding
From:	Amy Lovoy
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #164 Recognizing Funds from the Sale of Voluntary Tax Credits and Appropriating these Funds for Use in the Brownfields Remediation Program - Amy Lovoy, Assistant County Administrator

That the Board adopt the Resolution approving Supplemental Budget Amendment #164, Community Redevelopment Block Grant (CDBG) Fund (129), in the amount of $281,868, recognizing funds from the sale of voluntary tax credits and appropriating these Funds for use in the Brownfields Remediation program.

BACKGROUND:

The County has previously voluntarily performed environmental remediation projects that earned the County voluntary tax credits. These tax credits may then be sold recouping a portion of the funds expended on these projects. These funds were earned by performing remediation at Mahogany Mill and the Old Mosquito Control facility.

BUDGETARY IMPACT:

This supplemental budget amendment recognizes the portion of the remaining voluntary tax credit funding not already in the budget. The $281,868 will be added to the funding already in the budget bringing the total to $482,385. There is a current purchase order encumbering $1,782.65 leaving $480,602.54 available. Because the original expenditure of funds that earned the tax credits came from CDBG, the funds earned from the sale of the voluntary tax credits would be considered CDBG program income, and therefore these funds must only be expended on CDBG eligible activities.

The County originally earned a total of $528,054.39 from work done at Mahogany Mill and the Old Mosquito Control facility. $44,551.91 was then spent at Mahogany Mill and $1,117.29 was spent at the Mosquito Control facility. Another $1,782.65 has been encumbered to be spent at the Mosquito Control site. This leaves a balance of $480,602.54 available.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

N/A

IMPLEMENTATION/COORDINATION:

N/A

Attachments
016sa164
Request from City