Supplemental Budget Amendment #4 - Beach Renourishment on Santa Rosa Island
From:
Amy Lovoy, Department Director
Organization:
OMB
CAO Approval:
RECOMMENDATION:
Recommendation Concerning Supplemental Budget Amendment #4 - Beach Renourishment on Santa Rosa Island - Amy Lovoy, Management and Budget Services Department Director
That the Board adopt the Resolution approving Supplemental Budget Amendment #4, Local Option Sales Tax III, Fund (352), in the amount of $8,500,000, recognizing Loan proceeds and appropriating them to the Santa Rosa Island Authority (SRIA) to renourishment areas of Pensacola Beach.
BACKGROUND:
On September 25, 2014, the Board approved a resolution authorizing a financing in the amount of $8,500,000. These funds will be transferred to the SRIA for the purpose of renourishing Pensacola Beach.
BUDGETARY IMPACT:
This supplemental budget amendment recognizes $8,500,000 in loan proceeds. These funds will be transferred to the SRIA in 4 quarterly draws.