04-14-15 Regular School Board Meeting
Agenda Item #38


Title
Recommendations for Transfers and Use of School Impact Fees

Discussion

A meeting of the Educational Facilities Impact Fee Benefit District Advisory Committees was held on April 6, 2015 as required by Section 2.5 of the Interlocal Agreement between Brevard County, Florida and the District School Board of Brevard County, Florida, Providing for Funding of New or Expanded Public Educational Facilities with Educational Facilities Impact Fees.

Transfer of Previously Allocated Impact Fees
The Advisory Committees recommended the transfer of previously allocated Impact Fees as follows:
    Payment of COP debt service = $1,258,701.58

Use of Interest on Previously Collected Impact Fees
The Advisory Committees recommended the use of interest on previously collected Impact Fees as follows:
    Payment of COP debt service = $509,766,21

Use of Impact Fees Available as of June 30, 2014
The Advisory Committees recommended the use of Impact Fees collected from May 1, 2013 to June 30, 2014 as follows:
    Payment of COP debt service = $4,000,000.00
    South Area Elementary School = $706,010.12

Notes

  1. Transfers of previously allocated Impact Fees and use of interest on previously collected Impact Fees can be made upon approval by the School Board.
  2. Approval by the School Board of the use of currently available Impact Fees shall constitute appropriation of the funds as required by Section 3.2 of the Interlocal Agreement, with remittance of the funds from Brevard County to the School Board due within 21 days after the end of the month in which the request for the funds is made by the School Board.


Recommendation

Approve the recommendations made by the Educational Facilities Impact Fee Benefit District Advisory Committees for the transfer of previously allocated Impact Fees, the use of interest on previously collected Impact Fees and the use of Impact Fees available as of June 30, 2014.

Authorize the Superintendent to request disbursement by Brevard County of the Impact Fees available as of June 30, 2014.



Meeting Date(s)
Consent w/o Information - 4/14/2015

Authority for Action
1013.66 F.S.

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Agenda Item will not Require the Expenditure of Funds

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program

Contact
Dane Theodore, Assistant Superintendent / Facilities Services  633-1000 x450


Attachment:  Impact Fee Meeting #10 Package.pdf