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ORD-2010-073 Payment-in-Lieu Funds -Parks-Open Space Subdivision & Approve Budget Amendment #1-A
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ORD-2010-073 Payment-in-Lieu Funds -Parks-Open Space Subdivision & Approve Budget Amendment #1-A
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Last modified
11/4/2015 4:19:01 PM
Creation date
9/23/2010 3:48:47 PM
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BOCC
Date
9/21/2010
Meeting Type
Regular Meeting
Document Type
Ordinance
Agenda Item
4k
Document Relationships
Agenda - 08-17-2010 - 4s
(Linked To)
Path:
\Board of County Commissioners\BOCC Agendas\2010's\2010\Agenda - 08-17-2010 - Regular Mtg.
Agenda - 09-21-2010 - 4k
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Path:
\Board of County Commissioners\BOCC Agendas\2010's\2010\Agenda - 09-21-2010 - Regular Mtg.
Minutes 09-21-2010
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Path:
\Board of County Commissioners\Minutes - Approved\2010's\2010
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2 <br />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 />t. <br />
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