02/16/2021 - Laserfiche WebLink

Home Browse Search

ASSESSMENTS 1. Establish a ninety -day time period to waive some penalties and interest that have accrued on any expired assessment accounts. Only penalties and interest that have accrued beyond the original term of the assessment will be waived. This is to ensure that no one who has an expired assessment account pays less than those customers who made their assessment payments during the original ten-year loan period. Credit will be given for any principle payments made to date. 2. Establish a twelve-month period to waive some penalties and interest that have accrued on any expired assessment accounts. The total of the original loan payments would be the base of this calculation. Another twenty-five percent in fees will be added to this amount. Credit will be given for any principle payments made to date. 3. Direct staff to establish a policy going forward to avoid the 20 -year situation, to make a settlement offer when liens reach 19 years of age. Then if not exercised, the County will move forward to perfect the lien. Funding: Utility operating funds will be utilized when writing off most of the bad debt. However, any principle balance written off on impact fee loans would be assessed against the impact fee fund. An adjusting journal entry will record the bad debt expense for the amounts written off. More than likely, a budget amendment will be needed to cover this expense. After the expiration of the twelve-month period for the various settlement agreements, staff will present an informational item to the BCC that depicts actual amounts written off. At that time, the list of pending foreclosures will be presented as well. The worst case scenario impact to the utility funds is $3,067,000. This number will vary based upon which account holders decide to participate in the various payment options. Recommendation: Staff recommends that the Indian River County Board of County Commissioners (BCC) authorize staff to come back with an ordinance at a public hearing that will establish county code to adopt the various settlement options. It shall also define the 90 -day and 12 -month time periods described in the payment options. WATER & SEWER ACCOUNTS 1. Establish a ninety -day time period during which the County will waive all penalties and interest on any water and sewer accounts that have accumulated over twenty-four consecutive months of charges.