|Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - December 16, 2014|
Agenda Item #25
Interfund Loan from the General Fund to Beach Erosion Control Fund
Contact and/or Presenter Information
Jan Brewer, Director, Financial Management Department, X3726
Adopt Resolution R-14-176 for an Interfund Loan from the General Fund (001) to the Beach Erosion Control Fund (122) for further transfer to the Beach Erosion Control Capital Projects Fund (312) in an amount not to exceed $2,530,000.
Section 163.1 of the Florida Statutes.
Repair of three erosion control groins at Cortez Beach is required to maintain Gulf Drive and to prevent road damage during a storm event. Erosion control structures are eligible expenses for the dedicated Beach Tourist Development Tax.
Advancement of funds is necessary for costs related to the removal and replacement of erosion control groins at Cortez Beach. The lowest bid received for the project was $4,412,415.
In 2013, an interfund loan was done for $7,387,950 for four Beach Renourishment projects, and one of the funded projects of that loan was for Cortez Groins.
At the current time, the 2013 interfund loan for the Groins totals $1,883,530, and an additional General Fund loan is needed for $2,530,000 to begin construction of the Erosion Control Groins at Cortez Beach project.
The interfund loan will be replaced with a loan from an outside source.
Repayment of loan will be started in FY15 from Beach Renourishment one cent tourist tax.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Signed copies of resolutions to:
Cost and Funds Source Account Number and Name
Fund 001, 122, and 312
Amount and Frequency of Recurring Costs
Attachment: R-14-176-Interfund-Loan-Cortez Groins Project.pdf