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Item D41 BOARD OF COUNTY COMMISSIONERS AGENDA ITEM SUMMARY Meeting Date: Bulk Item: Yes X August 16, 2006 No Division: Budget and Finance Department: Office of Management and Budget Staff Contact Person: Salvatore Zappulla AGENDA ITEM WORDING: Approval for the appropriation of up to 95% of the estimated fund balance going forward, of the One Cent Infrastructure Sales Tax fund (304) ITEM BACKGROUND: While it is currently too early to predict a fund balance for the One Cent Sales Tax fund (304) for 2006, as revenues for the fiscal year are not finalized, and even more difficult to predict project expenditures in the fund, the attached exhibit assumes the estimated fund balance at the end of fiscal 2006 will be $35 million. This assumption would mean that $20 million of total expenditures would also have to take place since the fiscal 05' ending fund balance was actually $39.5 million. (See Exhibit on the next page) PREVIOUS RELEVANT BOCC ACTION: The Board of County Commissioner has a policy of appropriating 70% -80 % of the estimated fund Balance going forward in most of the county's funds. While this policy has been instrumental in maintaining adequate reserves in the majority of the funds, the Infrastructure Sales Tax Fund has increased from $28 million to 39.5 million in 5 years while appropriating 70% - 80% of the estimated fund balance going forward. Projects have taken long to complete despite the large number of new projects added to the fund in the last few years. In order to maximize the amount funds that will be available to budget for Wastewater projects prior to the county borrowing from the State revolving fund, a certain amount of flexibility is gained. This change in policy will allow the county to budget a majority of the projects for the 2007 budget. This policy can be re-addressed during next year's budget cycle based on the progress of the wastewater projects budgeted during 2007. CONTRACT/AGREEMENT CHANGES: None STAFF RECOMMENDATIONS: Approval TOTAL COST: No actual additional costs involved BUDGETED: Yes X No N/A SOURCE OF FUNDS: One Cent Sales Tax (304) COST TO COUNTY N/A REVENUE PRODUCING: Yes No AMOUNT PER MONTH Year APPROVED BY: County Atty. _ OMB/Purchasing _ Risk Management _ DIVISION DIRECTOR APPROV AL:Salvatore R. Zappulla, Division Director, Budget & Finance DOCUMENTA TION: Included Not Required_ DISPOSITION: AGENDA ITEM # ....... (J) bf) ""0 ;:j ~ l'-- o o C"l ........ ro u m ....... f,r..., (J) ,..q ....... ..... t8 s:::: o ....... ....... ro ....... ..... 0... o ..... 0... .< (J) u s:::: ro ........ ro ~ ""0 s:::: ;:j f,r..., 4-1 o s:::: o ....... m m ;:j U m ....... Q m ....... s:::: (J) S (J) ..... ....... s. (J) ~ bf) s:::: ....... ""0 s:::: ;:j f,r..., ..... 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