Manatee County Government Administrative Center Commission Chambers, First Floor 9:00 a.m. - January 26, 2016
January 26, 2016 - Regular Meeting
Agenda Item #33

Interfund Loan for the Tax Collector Annex


Contact and/or Presenter Information

Jan Brewer, Director, Financial Management, x3726

Action Requested
Adopt Resolution R-16-003 and Budget Amendment B-16-028 for an Interfund Loan from the General Fund (Fund 001) to the Building Capital Projects Fund (Fund 310) for $2,650,000 for construction related costs for the Tax Collector Annex project, as approved in the FY16-20 CIP.

Enabling/Regulating Authority
Section 163.1 of the Florida Statutes

Background Discussion

The Board approved $2,700,000 of funding for FY16 in the FY16-20 CIP for the Tax Collector Annex project, with the funding source being debt proceeds. This project was reviewed during the October 13, 2015 Debt Work Session with our Financial Advisor, Ed Bulleit. It is anticipated these funds will be repaid through debt issuance within the next several months as discussed during the work session.

In October 2015, $50,000 was transferred through an interfund loan for the Property Management Department to engage in pre-construction services and asbestos abatement and demolition costs.  At this time, Property Management would like to begin construction on the project.

The Tax Collector requires additional space due to increasing requirements for service offerings such as driver's license operations.  In May 2015, Manatee County purchased property at 904 West 301 Boulevard, Bradenton (the former ABC Liquor store).  The Tax Collector has requested a construction completion date of July 2016, and this funding of $2,650,000 will enable the Property Management Department to begin construction services in February 2016. 

Reimbursement Resolution R-15-058 dated July 28, 2015 established the County's intent to reimburse certain capital expenditures with proceeds from tax exempt financing.

County Attorney Review
Not Reviewed (No apparent legal issues)

Explanation of Other

Reviewing Attorney

Instructions to Board Records

Copies of Resolutions to:

Cost and Funds Source Account Number and Name
310 6073300

Amount and Frequency of Recurring Costs

Attachment:  R-16-003-Interfund-Loan-Tax Collector Annex.pdf
Attachment:  B-16-028 Tax Collector Annex.pdf