Okaloosa County BOCC — May 29, 2014 — reading text

amount, as determined by the Board, to address recovery needs in these areas in the case of a catastrophic storm event. These funds are also available for allocation in the case of extraordinary beach maintenance needs related to natural or man-induced events requiring additional beach cleaning efforts and equipment following the impact of an emergency event. The Council, through the Director, will be responsible for recommending to the Board when and how these funds should be used in the event of an emergency or catastrophic storm event.” Discussion A formal reserve policy mitigates current and future budgetary risks (e.g. revenue shortfalls and unanticipated expenditures) and is essential to long-term financial stability. Such a policy primarily enables continued operations when revenue collections are adversely impacted and expedites recovery in the aftermath of a major storm event. However, it also allows the organization to take advantage of major unforeseen promotional opportunities. All uses of reserves require TDC and BCC approval in accordance with established County policies. TDT reserve allocations will be reviewed annually as part of the budget process to ensure compliance with the reserve policy. The reserve policy, as approved by BCC, will be codified in the next revision of the Tourist Development Plan Ordinance. At its May 8 budget meeting, the TDC recommended the following reserve policies:  Operations – 35% of budgeted personnel & operating expenses, plus any debt service, for each percentage point.  Beach Restoration – $14M total, funded in whole or part by the first, second, and/or third percentage point(s). To the extent beach restoration reserves do not total $14M, a minimum of $500K will be budgeted annually, in whole or part by the first, second, and/or third percentage point(s), to build reserves until $14M is reached.  East Pass Dredging – $2M total, funded in whole or part by the first, second, and/or third percentage point(s).  Convention Center Insured Loss Deductible – $1.5M total, for the fourth percentage point.  Promotional Activities – 25% of budgeted promotional activities (expense accounts classified as 548xxx), funded in whole or part by the third and/or fifth percentage point(s). The FY15 proposed budget meets or exceeds the established reserve levels for Operations, East Pass Dredging, Convention Center Insured Loss Deductible, and Promotional Activities. Visual representation of tourist development tax reserve policy and FY15 budget compliance follows: 1 of 2 Packet Pg. 476  7.c.a Absent a significant increase in bed tax collections in future years, achieving the recommended reserve policy for Beach Restoration, which is essential to protecting our most important tourism asset, will be difficult. Compliance with the recommended policy will likely place an enormous strain on the first, second, and third percentages as $500K will be required to be set aside annually beginning in FY16 and Attachment: VII.c. Reserve Policy (2882 : TDT Reserves Policy) for the foreseeable future to build reserves to the target level of $14M. TDC Recommendation to BCC Recommend TDT Reserve Policy. 2 of 2 Packet Pg. 477  7.d Tourist Development Council Meeting: 05/29/14 02:00 PM 1540 Miracle Strip Parkway Department: Tourist Development Council Fort Walton Beach, FL 32548 Category: Information Prepared By: Aida Wilkinson SCHEDULED Initiator: Aida Wilkinson Sponsors: TDC ITEM (ID # 2883) DOC ID: 2883 Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments Updated: 5/27/2014 5:19 PM by Aida Wilkinson Page 1 Packet Pg. 478  7.d.a TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: May 29, 2014 TO: Tourist Development Council FROM: Ed Schroeder, Tourist Development Department Director Jim Trifilio, Coastal Management Coordinator Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments) SUBJECT: Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments Background Beach park access points 4, 5, & 6 are located on the south side of Santa Rosa Blvd on Okaloosa Island and are approximately 1.4 acres each. The sites are currently informally used for beach parking and access. Discussion The purpose of Genesis Task Order 2 is to provide professional engineering services associated with the construction of public restrooms, parking improvements, landscape enhancements, and pedestrian connectivity to the existing dune crossover boardwalk systems. This project is included in the FY 2013-14 budget and sufficient funding is available. TDC Recommendation to BCC Recommend approval of Genesis Task Order 2 titled 4th, 5th, & 6th Beach Park Developments in the amount of $109,780. Packet Pg. 479  7.d.a Packet Pg. 480 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 481 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 482 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 483 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 484 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 485 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 486 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 487 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 488 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)  7.d.a Packet Pg. 489 Attachment: VII.d. Genesis TO 2 (2883 : Genesis Task Order 2 – 4th, 5th, & 6th Beach Park Developments)