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Third Amendment to Gulf Consortium Subrecipient Agreement Pursuant to RESTORE Act Spill Impact Component and State Expenditure Plan for Artificial Reef Program and Associated Budget Resolution
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BRIEF OVERVIEW
The Gulf Consortium has completed a federal award amendment to FAIN GNTSP20FL0110 for Project “14-1: Artificial Reef” to amend the total federal funds awarded to this project. This project falls under a subrecipient agreement between the Gulf Consortium and Hernando County (Subrecipient Agreement No. 200110141.01).
Amendment No. 3 increases the award amount, as Hernando County, as the subrecipient, is receiving an additional $1,364,821.93. This increases the total award to $2,143,443.93. The breakdown is as follows:
1. The 3rd Amendment adds $1,364,821.93 to the award.
2. Of the additional amount awarded, $1,347,099.93 is restricted funding.
3. The restricted funding ($1,347,099.93) combined with the total amount previously awarded in the 2nd Amendment ($715,617) equals $2,062,716.93.
The Gulf Consortium will provide $1,347,099.93 towards the construction services of the Artificial Reef project. Costs above this amount will be the responsibility of Hernando County.
An associated budget resolution is attached to this item for the Board’s consideration and approval.
FINANCIAL IMPACT
Grant funding will be budgeted in the following accounts with the approval of the attached budget resolution:
REVENUE:
Fund: 3135 - RESTORE Act Fund, Dept: 33904 - PA POT #3-Artificial Reef, Account: 3313904 - Fed Grt-Gulf Cons 87.052 totaling $1,347,100
EXPENSE:
Fund: 3135 - RESTORE Act Fund, Dept: 33904 - PA POT #3-Artificial Reefs, Account: 5305263 - Uncapitalized Improvement totaling $1,119,600
Fund: 3135 - RESTORE Act Fund, Dept: 33904 - PA POT #3-Artificial Reefs, Account: 5303101 - Professional Services totaling $227,500
LEGAL NOTE
The Board is authorized to act upon 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 Third Amendment to Gulf Consortium Subrecipient Agreement pursuant to the RESTORE Act Spill Impact Component and the State of Florida State Expenditure Plan. It is further recommended that the Board approve and authorize the Chairman’s signature on the attached associated budget resolution.