Okaloosa County BOCC — January 30, 2014 — IX.a. Reserve Allocation

NORTHWEST PLO RI TRA’ S EMERALD COAST Okaloosa County Tourist Development Council TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: January 23, 2014 LQ; Tourist Development Council FROM: Ed Schroeder, Tourist Development Department Director KX Charlotte Dunworth, Finance, Administration, & Compliance Manager SUBJECT: Approval to allocate first penny reserve funds Background In April 2012 the County entered into an interlocal agreement for the Western Destin Beach Restoration Project in an amount not to exceed $8 million dollars. The City of Destin recently requested progress payment #5 in the amount of $88K. Discussion At the end of FY 2013, the remaining budget balance of $562K was inadvertently moved from the project expense account to the cash carryforward/reserves account. Section D.200.e. of the TDD Operations and Procedures Manual states “The Director shall present to the Council any proposed modifications to approved budget line items or allocation of reserve funds during the course of the budget year which require Board action. The Council shall provide its recommendation on the proposed changes to the Board.” Staff requests Council approval to transfer the remaining project funds from reserves to finish the project. The interlocal agreement expires June 1, 2014 absent a written extension. TDC Recommendation to BCC Recommend allocation of $562,103 from reserves account 1175-599010 to expense account 1175- 581702 for the Western Destin Beach Restoration.