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BUDGET AMENDMENT `_ RACE _TRACK REVENUE - DUNE RESTORATION The Board reviewed the following memo dated 2/18/86: TO: Honorable Board of County ®ATE: February 18, 1986 FILE: Commissioners THROUGH: Michael Wright County Administrator FROM: Joseh A. Baird OMB Director SUBJECT: Budget Amendment REFERENCES: Account Title Account Number Increase Decrease Racing Tax Revenue Cash Forward - Sept. 30 202-000-335-16.00 202-117-513-99.92 $446,500 446,500 Fund Transfers In Construction in Progress 301-000-381-20.00 301-132-521-66.51 $380,000 380,000 Racing Tax Revenue Other Improvements-Excpt Bldgs 001-000-335-16.00 001-210-572-66.39 446,500 Reserve for Contingency Fund Transfers'Out 001-199-581-99.91 23,261 43,239 001-199-581-99.21 380,000 Explanation: Race Track tax revenues for the 1985/86 year in the amount of $446,500 were budgeted to be received and expended in the 1980/81 Series Bond Fund (202). , there - The 1980/81 series bonds were defeased with proceeds from our recent bond issue fore, the pledge against the Race Track funds was temporarily released and of the money was no longer needed in Fund 202. the use The County staff took into consideration this additional revenue of $446,500 during the bond issue and did not borrow the full amount necessary to do the capital projects. The $380,000 that was not borrowed was to come from the Race Track reve- nues. This has left $66,500 of which staff recommends the Honorable Board of County Commissioners use for the following purposes: In the meeting of April 24, 1985, the Honorable Board of County Commissioners approved and authorized $35,800 -be used for dune restoration at Wabasso Beach and the Tracking Station. (see attached) The project was started and $12,538 was ex- pended in the 1984/85 fiscal year. The $23,261 that is necessary to complete the project was not budgeted in the 1985/86.year. We are requestin the Honorable Board of County Commissioners approve $23,261 of the remaining 66,500, to be used to complete the project as the Board has approved and that the remaining $43,239 be put in the General Fund Contingency for future use. The above journal entries will accommodate the request set forth above if the Board of County Commissioners approve. Director Baird explained that $446,550 of race track revenue monies is shown coming through:the 1980-81 bond series fund, which we have now defeased and staff is recommending that we take that money and transfer it over into the general contingency fund 51 FEB 10 Boer; 63 684 �1 J