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Because the total cost of any construction project is rarely <br />determined in these preliminary stages, it is usually not possible <br />to obtain financing for them. Nevertheless, architect's fees, <br />appraisals, surveying, engineering, land purchases and other like <br />costs continue to be incurred. We do not anticipate obtaining <br />permanent financing for either project before September 30, 1988 <br />(our fiscal year end), therefore an interim mechanism by which <br />revenues can be raised to offset expenses is needed. <br />Staff feels that the most cost effective way to offset expenses at <br />this time is to borrow from another fund. Sufficient monies are <br />available in Fund 472 - Utility Impact Fees - to allocate $300,000 <br />to Phase III - Jail (Fund 333) and $1,500,000 to Library <br />Construction (Fund 322). Interest on the borrowed funds would be <br />paid back to the Utility Impact Fee Fund at an amount equal to <br />what the county can earn on any other outside investment. <br />Recommendation <br />Staff recommends the Board of County Commissioners approve the use <br />of inter -fund borrowing to temporarily finance the Phase III - <br />Jail and Library Construction projects until permanent funding can <br />be obtained. Staff also recommends that the Board adopt the <br />accompanying budget amendment, which outlines the allocation of <br />funds according to this agenda item. <br />ON MOTION by Commissioner Bird, SECONDED by <br />Commissioner Bowman, the Board unanimously (4-0) <br />approved Budget Amendment #044, as recommended by <br />staff. <br />TO: Members of the Board <br />of County Commissioners <br />FROM: Joseph A. Baird <br />OMB Director <br />SUBJECT: BUDGET AMENDMENT <br />NUMBER: 044 <br />DATE: June 20, 1988 <br />Entry <br />Number <br />Funds/Department/Account Name <br />Account Number <br />Increase <br />Decrease <br />1. <br />UTILITY IMPACT FEE -FUND 472 <br />REVENUES <br />Impact Fee <br />472-000-343-065.00 <br />1.800,000 <br />0 <br />EXPENSES <br />Funds Transfer Out <br />472-235-536-099.21 <br />1,800,000 <br />0 <br />BOOK. 73 v,'u. 90 <br />JUN 2 8 1988 � <br />