PLACEMENT: Consent
TITLE:
title
BUSINESS DEVELOPMENT BOARD PROPOSED USE OF FUND BALANCE
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EXECUTIVE SUMMARY:
executive summary
The Business Development Board of Martin County (BDB) has identified approximately $56,322 in fund balance and has proposed various uses for the fund balance.
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DEPARTMENT: Administration
PREPARED BY: Name: George M. Stokus
Title: Assistant County Administrator
REQUESTED BY:
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
In December of 2023 County Administration made the BDB aware that there appeared to be a budget surplus. In March of 2024, the Business Development Board and County Administration agreed upon a proposed Contract Reserve Amount Formula (attached). County Administration acknowledges that the BDB receives County funds as a reimbursement and that payments are typically received 45 days after receipt of the reimbursement request (bill). The proposed formula also acknowledges that the limitations imposed by the existing contract between the BDB and the County as stated in their contract.
As a result of the proposed BDB Contract Reserve Formula the BDB has an excess of $56,322 in reserves. The existing contract with the BDB requires that the BDB propose uses for the excess reserve funds and that those uses be approved by the Board of County Commissioners. Attached is a break out of the proposed uses, allotted budget, and timeline in which the proposed use would occur.
ISSUES:
None
LEGAL SUFFICIENCY REVIEW:
This item has been reviewed for legal sufficiency to determine whether it is consistent with applicable law, has identified and addressed legal risks, and has developed strategies for legal defensibility.
RECOMMENDED ACTION:
RECOMMENDATION
Move that the Board of County Commissioners approve the use of the Contract Reserve Formula as proposed by the BDB.
Move that the Board of County Commissioners approve the proposed uses of fund balance as provided by the BDB.
ALTERNATIVE RECOMMENDATIONS
None
FISCAL IMPACT:
RECOMMENDATION
None
|
Funding Source |
County Funds |
Non-County Funds |
|
BDB Surplus Reserves |
$56,332 |
|
|
|
|
|
|
|
|
|
|
Subtotal |
$56,332 |
|
|
Project Total |
$56,332 |
ALTERNATIVE RECOMMENDATIONS
None
DOCUMENT(S) REQUIRING ACTION:
☐Budget Transfer / Amendment ☐ Chair Letter ☐Contract / Agreement
☐Grant / Application ☐Notice ☐Ordinance ☐Resolution
☐Other:
This document may be reproduced upon request in an alternative format by contacting the County ADA Coordinator (772) 320-3131, the County Administration Office (772) 288-5400, Florida Relay 711, or by completing our accessibility feedback form at www.martin.fl.us/accessibility-feedback <http://www.martin.fl.us/accessibility-feedback>.