|Manatee County Government Administrative Center First Floor, Commission Chambers 9:00 a.m. - January 9, 2018|
Agenda Item #21
Approval of Interfund Loan from the Infrastructure Sales Tax Transportation Fund to the Infrastructure Sales Tax Parks and Community Facilities Fund
Contact and/or Presenter Information
Jan Brewer, Director of Financial Management, x3726
Adoption of Resolution R-17-143 and Budget Amendment B-18-032 to authorize the Interfund Loan from Transportation Infrastructure Sales Tax to Parks and Community Facilities Sales Tax for $5,070,591 to fund projects approved at the public hearing on September 25, 2017.
Section 163.1 of the Florida Statutes
On August 9, 2016, the Board of County Commissioners approved Ordinance 16-35 authorizing a voter referendum for the establishment of a Local Government Infrastructure Sales Surtax.
Sales Tax Ordinance 16-35 sets out specific percentages of Infrastructure Sales Tax (IST) for three main categories: Transportation (70.7%), Parks and Community Facilities (14.1%), and Public Safety and Law Enforcement (15.2%). A separate fund has been established within the accounting system to track each of these three main categories. Staff has worked with the Clerk of Court to establish a process to allow us to internally borrow between the three funds to avoid costs of having to borrow externally if there are sufficient revenues that have been collected in total.
Since many of the Parks projects are smaller and less complicated, these projects have been accelerated to provide the projects for the community. Many of the Transportation projects require extensive design and lengthy right-of-way acquisition costs which create a time delay. Therefore, the Transportation funds timeline allows for a short term borrowing for the Parks projects.
The Board approved Resolution R-17-105 which amended Resolution R-16-128 which established guidelines for expenditure of the Infrastructure Sales Tax and established the Infrastructure Sales Tax Citizens Oversight Committee. Exhibit B, included within Resolution R-17-105, detailed the projects and equipment of the Infrastructure Sales Tax.
Within Exhibit B and adopted within the CIP FY18-22, Parks and Community Facilities projects had eleven projects which were accelerated and which necessitate an Interfund loan of $5,070,591. Budget Amendment Resolution B-18-032 establishes the loan from the Transportation Infrastructure Sales Tax Capital Project Fund to the Parks and Community Facilities Capital Project Fund.
County Attorney Review
Not Reviewed (No apparent legal issues)
Explanation of Other
Instructions to Board Records
Please send copies of the approved resolutions to email@example.com, firstname.lastname@example.org, and email@example.com.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: R-17-143 IST Interfund loan 852.pdf
Attachment: B-18-032 Interfund loan 852.pdf