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Budget Resolution Realigning Funds From General Fund Reserves to Business Development for Statewide Logistics Center Water and Sewer Services and Infrastructure Improvements Agreement With One Hernando, LLC, for Development of Industrial Park
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BRIEF OVERVIEW
A Budget Amendment (BA) from FY24 approved May 28, 2024, with agenda item no. 14041, reallocated funds from reserves in the amount of $508,763 during FY24. When that occurred, the FY25 Reserve balance was adjusted down accordingly by that amount; however, the project wasn’t requested to be carried forward to FY25 budget and there wasn’t a Purchase Order to roll forward. Because of that, there isn’t sufficient budget to pay the vendor associated with this work in the FY25 budget. The attached resolution carries that balance forward to align with the reserve balance that was already adjusted during the budget process and will be added to the reconciliation list for the True Up from FY24 to FY25, upon completion of the audit process.
The attached financial for Fund: 0011 - General Fund, Department: 01771 - Business Development, Account 5626322 - Improv-Sewer Line Upgrade from FY24 shows a balance remaining of $696,230.15, which verifies the balance wasn’t spent in the prior year.
FINANCIAL IMPACT
Current funding needed is a combined amount of $2,384,522.55, for the wastewater lift station, as outlined in the agreement, and is budgeted in:
Fund: 0011 - General Fund, Department: 01771 - Business Development, Account: 5626302 - Improve-Water Line Upgrade in the amount of $142,532.14
Fund: 0011 - General Fund, Department: 01771 - Business Development, Account 5626322 - Improv-Sewer Line Upgrade in the amount of $741,165.15, upon applying the attached resolution amount.
Cyril Drive Bypass Project will be funded as follows: Fund: 1013 - Constitutional Gas Tax, Department: 03211 - Dept. Srv/Reserve Const GT, Account 5616306 - Improve - Roads & Bridges in the amount of $1,500,825.26.
The total purchase order amount for this project is $2,384,522.55.
The attached budget resolution requests to bring the budget forward that was excluded from the carry forward requests.
LEGAL NOTE
The Board has the authority to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached budget resolution updating funds for the Statewide Logistics Center Water & Sewer Services and Infrastructure Improvement Agreement with One Hernando, LLC.