Title
a. Authorize the Auditor-Controller to establish a budget for the East Garrison Developer Reimbursements, Fund 182, Unit 8431, Appropriation Unit DEO029, for FY 2013-14 by increasing appropriations and estimated revenues by $150,000 (4/5th vote required); and
b. Authorize the Auditor-Controller's Office to incorporate approved appropriation and estimated revenue modifications to the FY 2013-14 Budget.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Authorize the Auditor-Controller to establish a budget for the East Garrison Developer Reimbursements, Fund 182, Unit 8431, Appropriation Unit DEO029, for FY 2013-14 by increasing appropriations and estimated revenues by $150,000 (4/5th vote required); and
b. Authorize the Auditor-Controller's Office to incorporate approved appropriation and estimated revenue modifications to the FY 2013-14 Budget.
SUMMARY/DISCUSSION:
There are currently two reimbursement agreements between the County of Monterey and the East Garrison Developer, UCP. The agreements provide for reimbursement to the County for expenditures incurred by the County when performing project administration or land use activities associated with East Garrison development. In order to track these expenditures and reimbursements, Staff worked with the Auditor-Controller's office to establish a new organizational account structure, Fund 182 East Garrison Developer Reimbursements Unit 8431, Appropriation Unit DEO029.
Fund 182 was created after the adoption of FY 2013-14 Budget for the Economic Development Department and as such there are no approved appropriations or revenues assigned for FY 2013-14. During the course of the current Fiscal Year (2013-14), work has been performed by staff in support of the East Garrison development that is reimbursable under the agreements between the County and the Developer. Therefore, appropriations are needed to record these expenditures in the newly created Fund 182 Unit 8431 which will be fully reimbursed by the Developer.
OTHER AGENCY INVOLVEMENT:
County Counsel and the Auditor-Controller have been kept informed of the progress of this project. The Budget Committee supports the recommended actions.
FINANCING:
There is no impact to the General Fund as a result of this action. All expenditures are fully reimbursable by the Developer.
Prepared by: Shawne Ellerbee, Finance Manager, (831) 755-4794
Approved by:
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David Spaur, CEcD, EDFP, Economic Development Department Director, (831)-755-5387
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Nick Chiulos, Assistant County Administrative Officer, (831) 755-5145