Okaloosa County BOCC — August 5, 2014 — Action Item Printout

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: August 5, 2014 TO: Honorable Chairman and Members of the Board FROM: Don Turner SUBJECT: Capital Projects' Funding DEPARTMENT: Facility Maintenance BCC DISTRICT: All STATEMENT OF ISSUE: (FM) Requests BCC direction regarding funding the current capital construction projects. BACKGROUND: Currently, the county has three major non-enterprise capital construction projects in various stages of development. The total amount of additional funding that will be needed to complete all three projects is estimated at $22 million, more or less. There is an insufficient amount of current capital outlay reserves available to fund these projects. Staff requests Board direction regarding the procurement of the necessary funding for all the capital projects' needs. The Board's financial advisor, Mark Galvin, has prepared a presentation describing the most attractive financing options. Once a decision is made, it will take 3-6 months to complete the process to make those funds available. It must be noted that currently available funds will be exhausted within the next few weeks and the projects' completion dates will be delayed without a short-term and long-term funding solution in place. The result of this will be that the Tax Collector, Property Appraiser, Sheriff's Investigations Unit, and other county operations will remain in leased space. RECOMMENDATIONS: (FM) Recommends BCC direction regarding funding the current capital construction projects RECOMMENDED BY: APPROVED BY: Ernie Padgett, County Administrator