Title:
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Approve and authorize the Chairman to execute a Resolution implementing Budget Amendment Request (BAR) #24-022 in the amount of amount of $766,736.25 to establish funds for existing funding agreements for Job Growth Incentives (JGI) and Qualified Target Industries (QTI) and to appropriate an interfund transfer from General Fund Reserves in the amount of $148,149.87 to the Economic Development Fund to offset the expenditure. Countywide (Timothy Jecks, Budget Director) Requesting Department - Economic Development
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Division:
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Management and Budget
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Authorized By:
Timothy Jecks, Budget Director
Contact/Phone Number:
Wendy Aviles/407-665-7182
Background:
The Board of County Commissioners may approve a business for either the Job Growth Incentive (JGI) program or the Qualified Target Industry (QTI) program. Upon approval, a project is established with corresponding budgeted funds as specified in the executed program agreement. However, these project funds are not always expended as budgeted within a fiscal year and therefore, require that the remaining balance be a carryforward to the next fiscal year.
The attached BAR through the Economic Development Fund will carryforward the unexpended JGI/QTI project balances for open projects from the FY 2022/23 Budget to the FY 2023/24 Budget and establish funding for the existing funding agreements.
General Fund Reserves are currently budgeted at $50.5 million.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute a Resolution implementing Budget Amendment Request (BAR) #24-022 in the amount of amount of $766,736.25 to establish funds for existing funding agreements for Job Growth Incentives (JGI) and Qualified Target Industries (QTI) and to appropriate an interfund transfer from General Fund Reserves in the amount of $148,149.87 to the Economic Development Fund to offset the expenditure.