Agenda 12/16/2008 Item #16F 4
Agenda Item No, 16F4
December 16, 2008
Page 1 of 2
EXECUTIVE SUMMARY
Recommendation to authorize Budget Amendments for the Conservation Collier Land
Maintenance Fund (174) and Debt Service Fund (272) to insure adequate cash balance
for the January 1, 2009 debt service payment.
OBJECTIVE: Board of County Commissioners authorization of budget amendments to insure an
adequate cash balance is available for the CDnservation Collier bonds principal and interest payment
due on January 1, 2009.
CONSIDERATIONS: The CDnservatiDn Collier Debt Service Fund (272) was established In FY 2007
to separate bond debt service payments from the Conservation Collier Land Acquisition Fund (172),
There is a separate ad valorem levy for this Debt Service Fund (272) that provides the money
required each fiscal year to fund debt service payments, Debt service payments for interest are made
semiannually on January 1 and on July 1 each year. Principal payments are made once a year on
January 1.
AlthDugh December is the largest month for ad valorem receipts, cash available for the January 1,
2009 payment, which includes both principle and interest, will not be sufficient. Due to the timing of ad
valorem tax receipts, staff estimates there will be a cash shortfall of approximately $750,000 on
January 1, 2009,
This shortfall will correct itself with ad valorem collections received during the month of January,
2009, However, in order to insure an adequate cash balance for the January 1, 2009 payment, staff is
recommending a transfer of cash from the Conservation Collier Land Maintenance Fund (174)
Reserves.
This shortfall, which occurs every January 1, will be corrected in future years through the budget
process.
FISCAL IMPACT: In late December, 2008 the amount needed to complete the Conservation Collier
Debt Service Fund (272) payment will be transferred from the Conservation Collier Land Maintenance
Fund (174) Reserves, As soon as ad valorem receipts for debt service become available in January,
2009, an equal amount will be transferred from the Debt Service Fund (272) back into the Land
Maintenance Fund (174) Reserves. This amount will not exceed $750,000 and is currently available
in the Land Maintenance Fund (174) Reserves.
GROWTH MANAGEMENT IMPACT: There is no growth management impact associated with this
item,
RECOMMENDATION: That the Board authorizes the necessary budget amendments in order to
insure an adequate cash balance at the lime of the debt service payment on January 1, 2009,
PREPARED BY: Laura Davisson, Analyst, Office of Management and Budget
"''''-'-'1" ....
Page I of 1
Agenda Item No. 16F4
December 16, 2008
Page 2 of2
COLLIER COUNTY
BOARD OF COUNTY COMMISSIONERS
Item Number:
Item Summary:
16F4
Meeting Date:
Recommendation to authorize Budget Amendments for the Conservation Collier Land
Maintenance Fund (174) and Debt Service Fund (272) to insure adequate cash balance for
the January 1, 2009 debt service payment
12116/20089:0000 AM
Approved By
Skip Camp, C.F.M.
Facilities Management Director
Date
Administrative Services
Facilities Management
1213/20085:00 PM
Approved By
Melissa Hennig
Administrative Services
Environmental Specialist
Facilities Management
Date
1214120089:21 AM
Approved By
Len Golden Price
Administrative Services Administrator
Date
Administrative Services
Administrative Services Admin.
1214/20083:21 PM
Approved By
Jennifer A. Belpedio
County Attorney
Assistant County Attorney
County Attorney Office
Date
1215120084:07 PM
Approwd By
OMB Coordinator
Applications Analyst
Information Technology
Date
Administrative Services
12/5/20084:15 PM
Approved By
Laura Davisson
Management & Budget Analyst
Office of Management & Budget
Date
County Manager's Office
12/5120084:17 PM
Approved By
James V. Mudd
County Manager
Date
Board of County
Commissioners
County Manager's Office
12/5/20087:44 PM
file://C:\AgendaTest\ExDort\ 118-December%20 16,%202008\ 16.%20CONSENT%20AGE..,
12/1 0/2008