SBA# - April 2014 Flood/Disaster Insurance Proceeds
From:
Stephan Hall, Interim Department Director
Organization:
OMB
CAO Approval:
RECOMMENDATION:
Recommendation Concerning Supplemental Budget Amendment #098 - Stephan Hall, Management and Budget Services Interim Department Director
That the Board adopt the Resolution approving Supplemental Budget Amendment #098, Internal Service Fund (501), in the amount of $7,728,166, to recognize insurance proceeds received from the 2014 Flood/Disaster and Freeze events, and to appropriate these funds to be used for repair and maintenance and other insurable activities for the Board of County Commissioner (BCC) operations.
BACKGROUND:
Escambia County has received two insurance reimbursement checks from Axis Surplus ($5 million), Allied World Assurance ($2.5 Million) Travelers ($100k), and Ironshore Specialty ($46,177) Insurance Companies as well as a some smaller policies ($81,989). These funds are from the April 2014 Flood/Explosion Disaster. These funds will assist with continuity of operations for various BOCC Departmental activities.
BUDGETARY IMPACT:
This amendment will increase Fund 501 in the amount of $7,728,166.
LEGAL CONSIDERATIONS/SIGN-OFF:
N/A
PERSONNEL:
N/A
POLICY/REQUIREMENT FOR BOARD ACTION:
Board policy requires increase or decreases in funds to the approved by the Board.