Okaloosa County BOCC — December 4, 2012 — TDD Budget update 1-22 — reading text

2012 – 2013 BUDGET UPDATE TO THE OKALOOSA COUNTY BCC JANUARY 22, 2013  Passed on September 18, 2012 Mandates re-assignment and clarification of certain line item expenditures within and between the “5 pennies” of the total TDD Budget 2 A. To provide beach park facilities or beach improvements, maintenance, renourishment, restoration and erosion control, including shoreline protection, enhancement, access, cleanup or restoration of other waterways and tourist destination facilities within the sub-district for which there is public access, including the beaches located within the city limits of the City of Destin. 3 10/1/12 Fund Balance--------------------------- $7,307,221.00 Tax Revenue---------------------------------------- 2,100,000.00 Interest---------------------------------------------- 109,400.00 TOTAL $9,516,621.00 Fees & Charges ------------------------------------ $1,123,000.00 Beach Renourishment-Current Payments--- 1,569,085.00 Project Reserve, Including Grants------------- 4,291,273.00 Other Reserve-------------------------------------- 2,533,263.00 TOTAL $9,516,621.00 4 30% Tourist Bureau Administration 70% Beach, waterways and other tourist destination facilities, improvements, landscaping, operations and maintenance including lifeguard services and protection. 5 10/1/12 Fund Balance--------------------------- $2,407,567.00 Tax Revenue---------------------------------------- 2,100,000.00 Interest---------------------------------------------- 48,500.00 TOTAL $4,556,067.00 30% is $1,366,820.00 Operating Expenses (Incl. HR)------------------ $732,246.00 Operating Contingency/Reserve--------------- 634,574.00 TOTAL $1,366,820.00 6 10/1/12 Fund Balance--------------------------- $2,407,567.00 Tax Revenue---------------------------------------- 2,100,000.00 Interest---------------------------------------------- 48,500.00 TOTAL $4,556,067.00 70% is $3,189,247.00 Operating Expenses (Incl. HR & Lifeguards)--- $1,767,718.00 Visitor Center Construction--------------------- 500,000.00 Operating Contingency/Reserve--------------- 921,529.00 TOTAL $3,189,247.00 7 Tourism Promotion 8 10/1/12 Fund Balance--------------------------- $2,407,567.00 Tax Revenue---------------------------------------- 2,100,000.00 Interest & Other----------------------------------- 103,500.00 TOTAL $4,611,067.00 Operating Expenses (Incl. HR)------------------ $2,043,928.00 Operating Contingency/Reserve--------------- 458,511.00 Strategic/Emergency Operations Reserve--- 2,108,628.00 TOTAL $4,611,067.00 9  The operations of the Convention Center, the beach or any other beach park or tourist destination facility. 10 10/1/12 Fund Balance--------------------------- $2,765,752.00 Tax Revenue---------------------------------------- 2,100,000.00 Revenue from Center Operations------------- 839,750.00 TOTAL $5,705,502.00 Operating Expenses (Incl. HR)----------------- $4,306,861.00 Capital Improvements and Related---------- 647,471.00 Beach Parks Maintenance---------------------- 428,126.00 Operating Contingency/Reserve-------------- 323,044.00 TOTAL $5,705,502.00 11 For the payment of debt service on bonds issued to finance the construction, reconstruction or renovation of a convention center and to pay the planning and design costs incurred prior to the issuance of such bonds. The Board determines that the extension of the fourth percentage point is necessary to provide funds to operate, maintain, repair or renew the Convention Center. Therefore, following the expiration of bonds issued to fund the construction of the convention center, the proceeds of the fourth percentage point shall be used for any future expansion, renovation or reconstruction of the convention center. 12 10/1/12 Fund Balance--------------------------- $3,531,331.00 Tax Revenue---------------------------------------- 2,100,000.00 Interest---------------------------------------------- 100,000.00 TOTAL $5,731,331.00 Charges & Fees------------------------------------ $ 63,000.00 Capital Project Deployment-------------------- 1,950,000.00 Principle, Interest & Fees----------------------- 326,000.00 Reserve for Debt Service ----------------------- 3,142,331.00 Contingency – Repair & Replacement------- 250,000.00 TOTAL $5,731,331.00 13 14