Okaloosa County BOCC — January 22, 2015 — II.m. BP Acct Transfer

TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: January 22, 2015 TO: Tourist Development Council FROM: Ed Schroeder, Tourist Development Department Director Charlotte Dunworth, Finance, Administration, & Compliance Manager SUBJECT: TDT Funds Transfer – AG Audit Finding Resolution Background The Auditor General’s January 2013 audit report on the use of tourist development taxes and funds received from British Petroleum (BP) cited two instances in which BP funds were used for purposes contrary to the provisions of the BP memorandum of understanding. Discussion To complete the corrective action related to Findings 18 and 19 of the Auditor General's Preliminary and Tentative Audit Findings, a total of $125,724 in tourist development tax funds needs to be transferred into BP accounts so the funds may be used for the purposes under the BP funding agreement. The total of $125,724 is comprised of $117,994 under Finding 18 and $7,730 under Finding 19. A revenue transfer of $125,724 from 1151R-312145 to 1157R-312145 and an expense transfer of $125,724 from 1151-548042 to 1157-548042 have been performed. TDC Recommendation to BCC For informational purposes only; no recommendation needed.