Item C42 C42
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE Mayor Craig Cates,District 1
The Florida Keys Mayor Pro Tern Holly Merrill Raschein,District 5
Michelle Lincoln,District 2
James K.Scholl,District 3
m' David Rice,District 4
Board of County Commissioners Meeting
September 20, 2023
Agenda Item Number: C42
2023-1506
BULK ITEM: Yes DEPARTMENT: Budget and Finance
TIME APPROXIMATE: STAFF CONTACT: John Quinn
N/A
AGENDA ITEM WORDING: Approval to close obsolete funds: Fund 132, Library Impact Fees;
Fund 308, Infrastructure Revenue Bonds Series 2007; Fund 314, Infrastructure Revenue Bonds Series
2014, and request that the Clerk of Court transfer any residual funds to Fund 304, One Cent
Infrastructure Sales Surtax.
ITEM BACKGROUND:
Fund 132 was created to collect and expend impact fees for library related projects. Monroe County has
not collected any library impact fees since FY2020 and all residual funds have now been used. Fund
308 was created for capital infrastructure projects financed by the 2007 revenue bond, all capital
projects in this fund have been completed. Fund 314 was created for capital infrastructure projects
financed by the 2014 revenue bond, all capital projects in this fund have been completed.
With the completion of the various capital projects, these funds are no longer needed. To be consistent
with the guidance of Governmental Accounting Standards Board(GASB) Statement Number 34, the
Board's new external auditors would like to see a reduction in the number of funds maintained.
PREVIOUS RELEVANT BOCC ACTION:
CONTRACT/AGREEMENT CHANGES:
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
FINANCIAL IMPACT:
2172