TITLE
title
Budget Resolution Transferring Funds From Hernando County Fire and Emergency Services EMS Fund to Hernando County Fire and Emergency Services Fire Rescue Fund for Reimbursement of Debt Service for Fire Station No. 5
body
BRIEF OVERVIEW
In 2022, a line of credit was issued to Hernando County Fire and Emergency Services for the construction of Fire Station No. 5. The budget for the debt service shows the split between fund 1661 (Fire) and 1691 (EMS); however, the debt service was only expensed from fund 1661 (Fire). The attached budget resolution will reimburse Fire for its 40% portion. We had requested a resolution in June however the interest was higher than expected.
FINANCIAL IMPACT
Funds in the amount of $10,655 will be deducted from Account No. 1691-02491-5916610 (Transfer to HCFR Fire). Revenue is recognized in Account No. 1661-3811691(Transfer from HCFR EMS) to cover the additional interest.
LEGAL NOTE
The Board has the authority to take the recommended action on this item pursuant to Chapter 125, Florida Statutes.
recommendation
RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached budget resolution to transfer the funds to cover the debt service for Fire Station No. 5.