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Budget Resolution Transferring Cost-Sharing Reimbursements From Hurricane Drive and Pheasant Area Road Paving Municipal Service Benefit Units to Constitutional Gas Tax Fund
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BRIEF OVERVIEW
The attached budget resolution is submitted for Board approval appropriating funds into transfer account, adjusting reserves as necessary, to process cost-sharing reimbursement from two Municipal Service Benefit Unit (MSBU) paving projects into the Constitutional Gas Tax Fund (1013) for a total of $804,493.00 where the projects were originally funded. The following are the MSBU Funds and transfer amounts included in this process:
• Fund 7920 - Hurricane Dr MSBU / $244,834.00
• Fund 7708 - Pheasant Ave MSBU / $559,659.00
FINANCIAL IMPACT
The MSBU cost-sharing transfer will impact the following accounts:
1013-3817000 $587,963.00 Constitutional Gas Tax, Transfer-MSBUs
7920-09920-5910130 $244,834.00 Hurricane MSBU, Transfer-Const Gas Tax
7708-09708-5910130 $343,129.00 Pheasant MSBU, Transfer-Const Gas Tax
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 budget resolution to process cost-sharing reimbursements from two Municipal Service Benefit Units (MSBU's) paving projects.