Summary As part of its normal procedures, the Finance and Administrative Services Department routinely performs reviews of the actual and anticipated receipts, as well as expenditures for each fund and department. The purpose of this item is to amend the Fiscal Year 2017-2018 Budget to recognize and appropriate previously unanticipated revenue received since the beginning of the fiscal year. Corresponding expense accounts must also be appropriated in order to maintain a balanced budget and enable the use of these funds.
A breakdown of the necessary adjustments by fund is as follows:
1) Mill Creek Sink Fund - Increase of $1,000,000. On April 7, 2017, the Memorandum of Agreement (MOA) for Cost Share Assistance with the Suwannee River Water Management District (SRWMD) was executed. This MOA provides funding to improve water quality recharging of the Upper Florida Aquifer at the Mill Creek Swallet and to preserve/protect the Mill Creek Sink and Mill Creek Cave System. Said MOA was amended on February 12, 2018 to provide for additional project funding from the Florida Department of Environmental Protection (FDEP).
2) Florida Job Growth Grant Fund - Increase of $6,755,000. On February 19, 2018, the Florida Job Growth Grant Fund Transportation Infrastructure Project Agreement with the Florida Department of Transportation (FDOT) and the Florida Department of Economic Opportunity (DEO) was fully executed. This agreement provides for the roadway and utility infrastructure construction of San Felasco Parkway.
If approved, the amended budget total would be $49,122,671. A Resolution with a budget amendment is required to effect these changes. |