09-24-2013 Special School Board Meeting
Agenda Item #33


Title
Transfer and Use of Educational Impact Fees

Discussion

A meeting of the Educational Facilities Impact Fee Benefit District Advisory Committees was held on September 19, 2013 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.

Transfers of Previously Allocated Impact Fees
The Advisory Committees recommended the transfer of previously allocated Impact Fees as follows:
     Payment of COP debt service =        $3,933,741.89
     Central Area Elementary School =   $   595,736.78
     Corrections of previous transfers = ($     21,187.89)

Use of Currently Available Impact Fees
The Advisory Committees recommended the use of Impact Fees collected from July 1, 2011 to April 30, 2013 as follows:
     Payment of COP debt service = $8,300,400.09

Notes

  1. At their meeting on September 23, 2008, the School Board approved the concept of using Educational Facilities Impact Fees to pay debt service on qualifying Certificates of Participation as permitted by Section 2.4 of the Interlocal Agreement.
  2. Transfers of previously allocated Impact Fees can be made upon approval by the School Board.
  3. 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 in the amount of $4,550,666.56 and the use of available Impact Fees collected from July 1, 2011 to April 30, 2013 in the amount of $8,300,400.09. 

Authorize the Superintendent to request the disbursement of the available Impact Fees collected from July 1, 2011 to April 30, 2013 from Brevard County to the School Board.



Meeting Date(s)
Consent w/o Information - 9/24/2013

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:  Meeting #9 Minutes.pdf
Attachment:  Meeting Handout Package.pdf