Item D LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: September 12, 2011 Division: Land Authority
Bulk Item: Yes _ No X Staff Contact / Phone #: Mark Rosch / 295 -5180
Agenda Item Wording: Discussion of the budget for fiscal year 2012.
Item Background: The budget originally proposed for adoption was reviewed by the Board on July 21,
2011 and appears in Tab Z of the BOCC budget notebook. The budget adoption schedule consists of
three public meetings: adopting a tentative budget on September 7, 2011; discussing the budget on
September 12, 2011; and adopting the final budget on September 15, 2011.
The proposed budget has been revised to reflect the delay of two real estate closings. Last year the
Land Authority approved the issuance of mortgage loans to the Key West Housing Authority for the
purchase of affordable housing sites at 712 -716 Eisenhower Drive and 1911 -1913 Patterson Avenue in
Key West totaling $1,180,000. These transactions will not be closing in the current fiscal year.
Accordingly, the funding for these projects is being carried forward to fiscal year 2012, which will
increase the budget from $12,583,164 to $13,763,164. The revised appropriation appears as Property
in Key West ACSC under the heading of Grants and Aid (Mortgages), which was budgeted as $0 in the
Tentative Budget and is now budgeted as $1,180,000 in the proposed Final Budget.
Advisory Committee Action: N/A
Previous Governing Board Action: See above.
Contract /Agreement Changes: N/A
Staff Recommendation: N/A
Total Cost: $ Indirect Cost: $ Budgeted: Yes _ No
Cost to Land Authority: $ Source of Funds:
Approved By: Attorney — County Land Steward
Documentation: Included: X To Follow: Not Required:
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