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1. VILLAGE COUNCIL MEETING:
VILLAGE OF TEQUESTA
AGENDA ITEM TRANSMITTAL FORM
Meeting Date:
June 12, 2008 Meeting Type: Regular Ordinance
Consent Agenda: No Resolution #: 28-08
Originating Department: Finance
2. AGENDA ITEM TITLE: (Wording form the SUBJECT line of your staff report)
Approving increasing the 2007-2008 Budget in the Stormwater Fund #403 by appropriating additional Fund
Balance and increasing Transfers out to the IBR Fund #101 by $60,300
3. BUDGET /FINANCIAL IMPACT:
Account #: 403-000-399-999 and #403-000-
591-101 Amount of this item: $60,300
Current Budgeted Amount Available: Amount Remaining after item:
60,300 120,600
Budget Transfer Required: No Appropriate Fund Balance: Yes
4. EXECUTIVE SUMMARY OF MAJOR ISSUES: (This is a snap shot description of the agenda item)
A request to appropriate fund balance in an amount of $60,300 and increase transfers out to the IBR
Fund #101 as the Village has elected to prepay the IBR Refunding Bond Series 1994 in its entirety and
the Stormwater Fund's annual payment/transfer to the IBR for its portion of the annual debt service is
$60,300.
5. APPROVALS: -
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Dept. Head: Finance Director: ~ v~J
Attorney: (for legal sufficiency) Yes ^ No ^
Village Manager:
SUBMIT FOR COUNCIL DISCUSSION:
APPROVE ITEM:
DENY ITEM: ^
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MEMORAIVD UM ~.:
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FINANCE DEPARTMENT
DATE: JUNE 2, 2008
TO: MICHAEL R, COUZZO, VILLAGE MANAGER
FROM: JOANN FORSYTHE, FINANCE DIRECTOR
RE: RESOLUTION # 28-08 INCREASE 2007-2008 STORMWATER BUDGET BY
$60,300
Please add to the agenda June, 12 2008 Regular Meeting of the Village Council resolution # 28-08 asking the
Council to approve a request to increase the 2007-2008 Stormwater Fund 403 budget by appropriating fund
balance in an amount of $60,300 and increasing transfers out to the IBR Fund # 101. The Village has elected
to prepay the IBR Refunding Bond Series 1994 in its entirety and the Stormwater Fund's annual
payment/transfer to the IBR for its portion of the annual debt service is $60,300.
6/3/084:48 PM
RESOLUTION NO. 28-08
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA,
PALM BEACH COUNTY, FLORIDA, AMENDING AND INCREASING THE
2007/2008 STORMWATER FUND #403 BUDGET BY APPROPRIATING FUND
BALANCE IN THE AMOUNT OF $60,300 AND INCREASING TRANSFERS OUT
TO THE IBR FUND #101 BY THAT AMOUNT,
Whereas, Stormwater Fund #403 makes an annual transfer of $60,300 to the IBR
Fund #101 to pay its share of the Improvement Revenue Refunding Bond Series
1994.; and
Whereas, the Village has elected to prepay the balance of the IBR Bond Series 1994
in the current year; and
Whereas, this additional transfer has not been budgeted; and
Whereas, the Stormwater Fund #403 has sufficient existing funds to pay the
additional transfer of $60,300 in the current year;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1 Resolution No. 27-08 authorizing the Village Manager to proceed on
behalf of the Village, is hereby approved .
Section 2 This Resolution shall become effective immediately upon passage.
The foregoing Resolution was offered by _
moved its adoption. The motion was seconded by
upon being put to a vote, the vote was as follows:
who
and
For Adoption Against Adoption
Mayor Patricia Watkins
Vice-Mayor Calvin Turnquest
Council Member Vince Arena
Council Member Jim Humpage
Council Member Tom Paterno
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The Mayor thereupon declared the Resolution duly passed and adopted this 13th day of
December, 2007.
ATTEST:
Lori McWilliams, CMC
Village Clerk
MAYOR OF TEQUESTA
Patricia Watkins
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