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County Administrator's Report 11. 9.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	07/06/2017
Issue: Supplemental Budget Amendment #164 - Bob Sikes Toll Fund Balance Appropriation
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Supplemental Budget Amendment #164 - Stephan Hall, Budget Manager, Management and Budget Services

That the Board adopt the Resolution approving Supplemental Budget Amendment #164, Bob Sikes Toll fund (167), in the amount of $5,000,000, to recognize an additional amount of Fund Balance from the balance sheet account that supports future bridge construction and renovations to the Bob Sikes Bridge, and to appropriate these funds to be used to support bridge construction/renovations and the new Ferry System from downtown to Quietwater Beach.

BACKGROUND:

Funds are placed into a restricted cash account or balance sheet account per the Bob Sikes Bridge Bond covenants that support the future construction and bridge renovations for access to Pensacola Beach from Gulf Breeze. The Fund Balance appropriation of $5 million will be allocated as follows; $4 million construction/renovations/repairs to Bob Sikes Bridge and $1 million to the new Ferry System from Downtown Pensacola to Quietwater Beach.

BUDGETARY IMPACT:

This amendment will increase Fund 167 by $5,000,000. At the end of FY16 there was a total of $8,622,963 for renewal and replacement of the toll bridge. This supplemental budget amendment will reduce that amount by $5,000,000. According to the Engineering Department the estimated life of the toll bridge is currently until 2024, and the $4,000,000 renovation project will increase that lifespan by 5 years until 2029.

The estimated cost to replace this bridge in today's dollars is about $190,000,000. This amount financed over 30 years would be $11,664,393 annually. In 2029 the projected cost of the bridge would be about $342,000,000 or about $21,000,000 over 30 years. In FY16 the net proceeds from the toll bridge were $2,456,952.

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

Board policy requires increases and decreases in revenues to be approved by the Board.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
SBA#164