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Agenda - 09-21-2010 - 4k
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9/20/2010 8:53:08 AM
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BOCC
Date
9/21/2010
Meeting Type
Regular Meeting
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Agenda
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4k
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Minutes 09-21-2010
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\Board of County Commissioners\Minutes - Approved\2010's\2010
ORD-2010-073 Payment-in-Lieu Funds -Parks-Open Space Subdivision & Approve Budget Amendment #1-A
(Linked From)
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\Board of County Commissioners\Ordinances\Ordinance 2010-2019\2010
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All funds collected for the Parks and Open Space subdivision Payment-in-Lieu Fund have been <br />accounted for in a Special Revenue Fund and remains in the Fund Balance. Since the inception <br />of the fund in mid-1980's, over $1 million dollars has been received for Parks and Open Space. <br />Of the $831,504 approved for Parks and Open Space projects, $175,023 has been transferred <br />to the Fairview Park Phase II Project. The Fairview Park Phase II project is the only project to <br />date to be both budgeted and fully funded from the Parks and Open Space Subdivision <br />Payment-in-Lieu Fund. Historically there has been a significant lag between the approval of the <br />projects and the approval of the budget amendments. Four of the eight project budgets were <br />never amended to reflect funding from the Parks and Open Space Subdivision Payment-in-Lieu <br />Fund. These four projects were subsequently funded from debt proceeds and transfers from the <br />General Funds. Three of the eight projects were budgeted but were partially funded from the <br />General Fund as projects were closed as of June 30, 2009. <br />Board action is requested to approve a $656,481 transfer from the Parks and Open Space <br />Subdivision Payment-in-Lieu Fund, with $471,227 going to the General Fund to reimburse the <br />General Fund, and with $185,254 going to the County Capital Projects Fund. Both the <br />Blackwood Farm project ($75,000) and the Cedar Grove Park project ($110,254) will receive the <br />belated funding. <br />FINANCIAL IMPACT: The appropriation of $656,481 will complete transactions from the Parks <br />and Open Space Subdivision Payment-in-Lieu Fund that the Board has approved over the past <br />nine years. The fund balance in the Parks and Open Space Subdivision Payment-in-Lieu Fund <br />will accurately reflect available resources for other projects. After this appropriation there will be <br />over $240,626 available for future projects. <br />Budget Amendment # 1-A for Parks and Open Space Subdivision Payment-in-Lieu Fund <br />Revenues: Fund Balance Applied $656,481 <br />Expenditures: Transfer to General Fund $471,227 <br />Transfer to County Capital Projects $185,254 <br />RECOMMENDATION(S): The Manager recommends the Board approve Budget Amendment <br />#1-A, appropriating $656,481 from the Parks and Open Space Subdivision Payment-in-Lieu <br />Fund, with $185,254 transferred to the County Capital Projects Fund and $471,227 transferred <br />to the General Fund. <br />
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