Okaloosa County BOCC — February 25, 2016 — I. d. Cash Carryforward

TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: February 25, 2016 TO: Tourist Development Council FROM: Ed Schroeder, Tourist Development Department Director Charlotte Dunworth, Finance, Administration, & Compliance Manager SUBJECT: Cash Carryforward Budget Amendment STATEMENT OF ISSUE: Providing the budget amendment for recording prior year cash carryforward. BACKGROUND: “Cash carryforward” represents the excess of revenues over expenditures in the prior year available for appropriation in the current year budget. These funds are commonly the result of actual revenues exceeding budgeted revenues, actual expenditures being less than budgeted (typically capital), or a combination thereof. Cash carryforward is allocated to reserves, unless an immediate need is identified. FY16 cash carryforward has been allocated as follows within the FY17 budget: 1st Penny $203,178 Reserve-Beach Restoration 2nd Penny $851,092 Reserve-Operations & Maintenance 3rd Penny $1,305,514 Reserve-Promotional Activities 4th Penny $614,326 Reserve-Future ECCC Capital Outlay 5th Penny $45,000 Ad Agency Audit (not a budgeted item) 5th Penny $998,362 Reserve-Promotional Activities OPTIONS: Approve, Deny, or Amend RECOMMENDATION TO BCC: Approve the allocation of cash carryforward as presented.