Title:
title
Approve and authorize the Chairman to execute a Resolution implementing Budget Amendment Request (BAR) #26-050 to facilitate the closeout of the First and Second Generation Infrastructure Sales Tax Funds; to move $3,681,310 in existing projects to the Third Generation Sales Tax Fund; and recognize $350,000 in miscellaneous revenues; and establish $313,009 in interfund transfers to reimburse the Sales Tax Funds for grant related expenditures made in a prior year. Net amount of the BAR is $663,009. Countywide (Timothy Jecks, Budget Director)
end
Division:
division
Management and Budget
body
Authorized By:
Timothy Jecks, Budget Director
Contact/Phone Number:
Sara Carrick/407-665-7180
Background:
The attached BAR will reduce $3.7M in available budget from existing projects in the 1st and 2nd Generation Sales Tax Funds. Those projects will be reestablished in the 3rd Generation Sales Tax Fund. Projects being moved include Oxford Rd Improvements, Deleon St Drainage, Milton Lockhart Cassel Creek Drainage, and Kentucky St Improvements. See attached report for a full list of all projects adjustments. There are no changes to existing projects being transferred, aside from establishing the new funding source.
Additionally, this BAR will establish $350,000 in miscellaneous revenue budgets, to allow for all FY26 collected revenues to be expended. Finally, interfund transfer budgets will be established to transfer $313,009 from Grant Funds to the Sales Tax Fund for reimbursement of eligible expenditures made in a prior fiscal year. These budgets are required to facilitate the closeout of the 1st and 2nd Gen Sales Tax Funds. The net amount of the BAR of $663,009 is equal to the total of the miscellaneous revenues and interfund transfers.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute a Resolution implementing Budget Amendment Request (BAR) #26-050 to facilitate the closeout of the First and Second Generation Infrastructure Sales Tax Funds; to move $3,681,310 in existing projects to the Third Generation Sales Tax Fund; and recognize $350,000 in miscellaneous revenues; and establish $313,009 in interfund transfers to reimburse the Sales Tax Funds for grant related expenditures made in a prior year