Okaloosa County BOCC — January 26, 2017 — I. e. Cash Carryforward

TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: January 26, 2017 TO: Tourist Development Council FROM: Darrel Jones, Interim 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 $1,300,639 Reserve-Beach Restoration 2nd Penny $936,094 Reserve-Operations & Maintenance 3rd Penny $1,851,550 Reserve-Promotional Activities 4th Penny $1,093,259 Reserve-Future ECCC Capital Outlay 5th Penny $1,201,822 Reserve-Promotional Activities BP Funds $8,423 Promotional Activities Note: the FY16 audit is not yet complete; however, these amounts are not anticipated to change significantly. OPTIONS: Approve, Deny, or Amend RECOMMENDATION TO BCC: Approve the allocation of cash carryforward as presented.