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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