SBA#135 - April 2014 Flood/Disaster Insurance Proceeds
From:
Stephan Hall, Interim Department Director
Organization:
OMB
CAO Approval:
RECOMMENDATION:
Recommendation Concerning Supplemental Budget Amendment #135 - Stephan Hall, Management and Budget Services Interim Department Director
That the Board adopt the Resolution approving Supplemental Budget Amendment #135, Internal Service Fund (501), in the amount of $7,500,000, to recognize insurance proceeds received from the 2014 Flood/Disaster event, and to appropriate these funds to be used for repair and maintenance and other insurable activities for the continuity of Board of County Commissioner (BCC) operations.
BACKGROUND:
Escambia County has received an insurance reimbursement check from Ace (Westchester) ($7.5 million) from the April 2014 Flood/Disaster event. These funds will assist with the continuity of operations for the various BCC Departments. The County has received a total of $25 million in property damage insurance reimbursements to date due to the flood.
BUDGETARY IMPACT:
This amendment will increase Fund 501 in the amount of $7,500,000.
LEGAL CONSIDERATIONS/SIGN-OFF:
N/A
PERSONNEL:
N/A
POLICY/REQUIREMENT FOR BOARD ACTION:
Board policy requires increases or decreases in funds to be approved by the Board.