Okaloosa County BOCC — March 18, 2014 — Action Item Printout

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: March 18, 2014 TO: Honorable Chairman and Members of the Board FROM: Ed Schroeder SUBJECT: Reallocation of First Percentage Reserves DEPARTMENT: Tourist Development Department BCC DISTRICT: STATEMENT OF ISSUE: Pursuant to Section D.200(1)(e) of the Tourist Development Department Operations and Procedures Manual, allocation of reserve funds requires recommendation from the Council and Board action. 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 project was not budgeted in FY14 and the FY13 available balance of $562,103 was carried forward in cash. These remaining funds need to be transferred from the 1175-599010 reserves account to the 1175-581702 project expenditures account to complete the project. The Tourist Development Council unanimously approved the reallocation of reserve funds at its February 27, 2014 meeting. OPTIONS: Approve or Disapprove RECOMMENDATION: Approve the reallocation of $562,103 in reserve funds to complete the Western Destin Beach Restoration Project. RECOMMENDED BY: APPROVED BY: Ernie Padgett, County Administrator