Supplemental Budget Amendment #5 - Debt Service Payments from the Santa Rosa Island Authority (SRIA)
From:
Amy Lovoy, Department Director
Organization:
OMB
CAO Approval:
RECOMMENDATION:
Recommendation Concerning Supplemental Budget Amendment #5 - Debt Service Payments from SRIA - Amy Lovoy, Management and Budget Services Department Director
That the Board adopt the Resolution approving Supplemental Budget Amendment #5, Debt Service Fund (203), in the amount of $1,283,479, recognizing payments from the Santa Rosa Island Authority (SRIA), and appropriating these funds for the annual debt service on the 2014 Capital Improvement Revenue Loan, issued by the County to renourish areas of Pensacola Beach.
BACKGROUND:
On September 25, 2014, the Board approved an agreement with the SRIA requiring the SRIA to make all the debt service payments on the $8,500,000 loan issued by the County for the purpose of financing beach renourishment on the Island.
BUDGETARY IMPACT:
This supplemental budget amendment recognizes payments from the SRIA and appropriates these funds to make the required principal and interest payments on this loan.