10-27-2009 Special School Board Meeting
Agenda Item #27


Title
Transfer and Use of Educational Facilities Impact Fees

Discussion

Meetings of the Educational Facilities Impact Fee Benefit District Advisory Committees (Committees) were held on 9/18/09 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 the 9/23/08 School Board meeting, the Board approved the concept of using Impact Fees to pay the debt service on qualifying Certificates of Participation (COP), per Section 2.4 of the Interlocal Agreement.   

Transfers of Previous Funds
The transfer of previously allocated Impact Fees to pay the debt service on qualifying COPs was requested by the District and approved by the Committees in the following amounts:
     Benefit District 1 = $1,000,000
     Benefit District 2 = $   496,941
     Benefit District 3 = $3,560,051
     Benefit District 4 = $3,938,340
                     Total = $8,995,333

Use of Currently Available Funds
The use of  Impact Fees available through June 30, 2009 to pay the debt service on qualifying COPs was requested by the District and approved by the Committees in the following amounts:
     Benefit District 1 = $4,515,598.49
     Benefit District 2 = $   856,306.58
     Benefit District 3 = $1,632,670.87
     Benefit District 4 = $1,428,978.86
                     Total = $8,433,554.61

Approval by the School Board of the use of the currently available funds shall constitute the 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.

Attachments:

  1. Advisory Committee Recommendations for Meeting #7
  2. Master Spreadsheet (Consolidated requests by Benefit District)
  3. Transfer Request for Previously Collected Fees
  4. Request for Impact Fees thru June 2009
  5. Educational Impact Fee Collections thru June 2009
  6. Master COP Schedule
  7. Eligible COPs 
  8. Previous Impact Fee Project Collections
  9. COP Debt Schedule
  10. Interlocal Agreement for Educational Facilities Impact Fees
  11. Meeting #7 Minutes

 

 



Recommendation
Approved the attached recommendations for the transfer of previously allocated Impact Fees and the use of currently available Impact Fees.  Authorize the Superintendent to request the transfer of the currently available Impact Fees from Brevard County to the School District as recommended by the Educational Facilities Impact Fee Benefit District Advisory Committees for Benefit Districts 1, 2, 3 and 4 at their meetings on 9/18/09.

Meeting Date(s)
Information - 10/13/2009
Consent after Information10/27/2009

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  x657
Jo Ann Clark, Director, Accounting Services  x660




Attachment:  Advisory Committee Recommendations for Meeting #7.pdf
Attachment:  Transfer Request for Previously Collected Impact Fees.pdf
Attachment:  Previous Impact Fees Project Collections.pdf
Attachment:  Eligible COPs.pdf
Attachment:  Meeting #7 Minutes.pdf
Attachment:  Master COP Schedule.pdf
Attachment:  Educational Impact Fee Collections thru June 09.pdf
Attachment:  Request for Impact Fees thru June 2009.pdf
Attachment:  Master Spreadsheet.pdf
Attachment:  COP Debt Schedule.pdf
Attachment:  Interlocal Agreement.pdf