04-26-2011 Regular School Board Meeting
Agenda Item #54


Title
Transfer and Use of Educational Impact Fees

Discussion

A meeting of the Educational Facilities Impact Fee Benefit District Advisory Committees (Advisory Committees) was held on April 7, 2011 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 (Interlocal Agreement).

At their meeting on September 23, 2008 the School Board approved the concept of using Impact Fees to pay debt service on qualifying Certificates of Participation, as permitted by Section 2.4 of the Interlocal Agreement.

Use of Currently Available Funds
The Advisory Committees recommended the use of the Impact Fees collected during FY2009-10 as follows:
     Payment of COP debt service =              $2,393,525.90
     10-Classroom Addition at Suntree ES =   $   622,199.22  
     10-Classroom Addition at Williams ES =  $   763,049.21
                                 Total Requested = $3,678,774.33

Approval by the School Board of the use of currently available funds 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 District due within 21 days after the end of the month in which the request for the funds is made by the School Board.

Transfers of Previously Allocated Funds
The Advisory Committees recommended the transfer of previously allocated Impact Fees as follows:
     Payment of COP debt service =              $     11,155.23
     10-Classroom Addition at Suntree ES =   $   711,804.15
     10-Classroom Addition at Williams ES =  $   488,930.59     
                                 Total Requested = $1,211,889.97

Transfers of previously allocated Impact Fees can be made upon approval by the School Board. 

Attachments
     Minutes of Meeting #8
     Supporting Documents
     Map of Impact Fee Benefit Districts

 



Recommendation
Approve the recommendations made by the Impact Fee Benefit District Advisory Committees for the use of currently available Impact Fees in the amount of $3,678,774.33 and the transfer of previously allocated Impact Fees in the amount of $1,211,889.97.  Authorize the Superintendent to request the transfer of the currently available Impact Fees from Brevard County to the School District.

Meeting Date(s)
Information - 4/26/2011
Consent after Information5/10/2011

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, Director, Planning & Project Management  321-633-1000 x657


Attachment:  Minutes of Meeting #8.pdf
Attachment:  Supporting Documents.pdf
Attachment:  Impact Fee Benefit District Map.pdf