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Budget Amendment Transferring Funds From Regency Oaks Municipal Service Benefit Unit Reserve Fund to Operating Accounts for Well and Pump Repair for Irrigation System
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BRIEF OVERVIEW
A municipal service benefit unit (MSBU) for Regency Oaks was created in 1988 for the maintenance and operation of streetlights and certain common areas. The Regency Oaks Homeowner’s Association reported that the irrigation well and pump were inoperable after new sod had been placed in the community areas. Upon inspection it was determined the well and pump needed replacement. To expedite the repair and protect the HOA’s investment in the sod, funds were reallocated from various expenditure accounts to cover the $7,450.00 repair. At this time, we are replenishing funds moved from the expenditure accounts from reserves, which were used to cover the repair cost.
The attached budget amendment is to reappropriate funds from reserves to expenditure accounts for the Regency Oaks Municipal Services Benefit Unit (MSBU) impacted by unanticipated expenses due to the well and pump being inoperable.
STRATEGIC PLAN INITIATIVES
N/A
FINANCIAL IMPACT
A total of $8,000 will be moved from reserves to various expenditure accounts.
Expense:
Decrease:
Fund: B171 - MSBU-Lighting, Department: 180 - DPW-ADMIN, Account: 599902 - Budget Reserve - $8,000.
Increase:
Fund: MSBU-LITE - B171, Department: DPW-ADMIN - 180, Account: Operating-Other Services - 533400 - $1,500
Fund: MSBU-LITE - B171, Department: DPW-ADMIN - 180, Account: Utility Service-Elec/wtr/swr - 534300 - $4,000
Fund: MSBU-LITE - B171, Department: DPW-ADMIN - 180, Account: Operating-Other Charges - 534900 - $2,500
LEGAL NOTE
The Board has authority to act on this matter pursuant to Section 125.01(1), Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve the attached budget amendment transferring funding from reserves into the expenditure accounts for the Regency Oaks MSBU.