Agenda 04/09/2024 Item #16F 8 (Appropriate revenue in the Pelican Bay Capital Fund)04/09/2024
EXECUTIVE SUMMARY
Recommendation to recognize and appropriate revenue in the Pelican Bay Capital Fund (3041), transfer
funds to Commercial Paper Fund (2023) in the amount of $81,000, and authorize all necessary Budget
Amendments.
OBJECTIVE: To recognize and appropriate interest and other revenues, transfer funding to Commercial Paper
Fund (2023) in the amount of $81,000, and authorize all necessary Budget Amendments.
CONSIDERATIONS: On June 8, 2021, the Board approved Resolution No. 2021-118, which authorized
borrowing an amount not exceeding $10,000,000 under the Florida Local Government Finance Commission’s
Pooled Commercial Loan Program for various capital improvements within Pelican Bay MSTU&BU. This loan
will be repaid specifically from Pelican Bay MSTU&BU annual assessments revenue and certain amounts provided
to Pelican Bay MSTU&BU under an asset swap contribution resolution between Pelican Bay and the County.
Due to an increase in interest rates and a draw on the loan being higher than estimated in FY 2024 a transfer of
funds is needed to ensure sufficient funding is available for the interest only monthly commercial paper loan
payments. Funds are only transferred as needed.
FISCAL IMPACT: Budget amendments are necessary to recognize revenue Pelican Bay Capital Fund (3041) in
the amount of $81,000 and transfer funds to Commercial Paper Fund (2023).
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney’s Office, raises no legal
issues, and requires majority vote for approval.-SRT
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this Executive
Summary.
RECOMMENDATION: Authorize the necessary Budget Amendments to recognize and appropriate revenues in
Pelican Bay Capital Fund (3041) and transfer funds to Commercial Paper Fund (2023) in the amount of $81,000.
Prepared By: Laura Zautcke, Budget Analyst III
16.F.8
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04/09/2024
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.F.8
Doc ID: 28449
Item Summary: Recommendation to recognize and appropriate revenue in the Pelican Bay Capital Fund (3041),
transfer funds to Commercial Paper Fund (2023) in the amount of $81,000, and authorize all necessary Budget
Amendments.
Meeting Date: 04/09/2024
Prepared by:
Title: – Office of Management and Budget
Name: Debra Windsor
03/29/2024 9:44 AM
Submitted by:
Title: Accountant, Senior – Office of Management and Budget
Name: Christopher Johnson
03/29/2024 9:44 AM
Approved By:
Review:
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 03/29/2024 10:12 AM
County Attorney's Office Scott Teach Level 2 Attorney Review Completed 03/29/2024 1:51 PM
Pelican Bay Services Chad Coleman Other Reviewer Completed 04/02/2024 7:43 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/02/2024 9:36 AM
Office of Management and Budget Laura Zautcke OMB Reviewer Completed 04/02/2024 11:57 AM
Office of Management and Budget Christopher Johnson OMB Reviewer Completed 04/02/2024 5:12 PM
County Manager's Office Ed Finn Level 4 County Manager Review Completed 04/03/2024 3:41 PM
Board of County Commissioners Geoffrey Willig Meeting Pending 04/09/2024 9:00 AM
16.F.8
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