www.mymanatee.org
Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - June 18, 2013
REVISED June 18, 2013 - Regular Meeting
Agenda Item #34


Subject
Interfund Loan from the General Fund to Beach Erosion Control Capital Project Fund

Briefings
None

Contact and/or Presenter Information
Jim Seuffert, Director, Financial Management Department, Ext 3730

Action Requested
  • Adopt Resolution R-13-108 for an Interfund Loan from the General Fund (001) to the Beach Erosion Control Capital Project Fund (312) in an amount not to exceed $7,387,950.


Enabling/Regulating Authority
Section 163.1 of the Florida Statutes.

Background Discussion
  • There are four projects that comprise the Beach Renourishment Project.  These projects will be funded by Federal and State grants and matching funds from Manatee County. They are as follows:
    • Central Beach Renourishment    - $21,280,950
    • Coquina Beach Renourishment   - $ 7,175,000
    • Longboat Pass Jetty                   - $ 5,050,000
    • Cortez Groins Project                - $ 2,860,000
  • Manatee County's estimated share of all projects is $9,912,950.
  • At the current time a General Fund loan is needed for $7,387,950 to begin construction of projects.
  • 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


Reviewing Attorney
N/A

Instructions to Board Records
Signed copies of resolutions to candice.cruz@mymanatee.org, lori.stephens@manateeclerk.com, susan.flowers@manateeclerk.com, robin.amos@manateeclerk.com, abby.lindecamp@manateeclerk.com, jayne.roberts@manateeclerk.com.

Cost and Funds Source Account Number and Name
Fund 312 and Fund 001

Amount and Frequency of Recurring Costs
$7,387,950


Attachment:  R-13-108 Interfund loan Beach Renourishment and GF.pdf