Meeting Type: BCC Regular Meeting
Meeting Date: 11/5/2024
Item Status: New
From: Roger Rendleman, County Administrator/Interim Clerk Treasurer
Submitted by: Beth Hodges, Budget Director
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ITEM TITLE
Title
Resolution #2025-029 - Allocation of ARPA and Revenue Replacement Interest
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STAFF RECOMMENDATION
Recommendation
Adopt Resolution #2025-029, allocating ARPA and Revenue Replacement interest in the amounts of $2,502,970.00 and $723,010.00, respectively, with said allocations being distributed as follows:
$ 925,980.00 Capital Projects Fund
$1,000,000.00 Self Insurance Fund
$1,300,000.00 Revenue Replacement Fund Projects
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BACKGROUND INFORMATION
Background: It has been determined that there has been $3,225,980.00 in interest earned on both the ARPA and Revenue Replacement Funds combined, with the ARPA Fund (299) generating $2,502,970.00 and the Revenue Replacement Fund (298) creating $723,010.00. With this, it is being requested to utilize these funds in order to meet some recognized needs and fund potential and current projects.
A requested use of the earned interest from the ARPA Fund (299) is to allocate $925,980.00 to the Capital Project Fund in order to provide additional budget to a current project or make available funding for another project. The actual project in which funding is to be allocated to will be determined at a future date.
During the FY 2025 Budget process, insurance coverages were modified slightly in an effort to prevent health insurance premium increases for employees. The changes in coverage prevented an annual premium increase to the insured employees in the total amount of $260,134.00. The request is to move $1,000,000.00 of the interest earned from the ARPA Fund into the Self Insurance Fund. This will allow the absorption of the cost associated with keeping the coverages as they are currently, as well as bring the Self Insurance Fund to a positive fund balance.
Lastly, is a request to utilize both ARPA (299) and Revenue Replacement (298) earned interest into the Revenue Replacement Fund (298) in order to cover current project overages and provide contingency funding should any current contracted project(s) experience cost changes.
Previous Commission action/date: N/A
FINANCIAL IMPACT
Total cost of recommendation: $3,225,980.00 ($2,502,970 ARPA Interest and $723,010 Revenue Replacement Interest)
Budget line item(s) to be used: See Resolution #2025-029 for accounts
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: Administration, Budget and Finance Staff
Individual(s) responsible for follow up: N/A
Action required (list contact persons/addresses if documents are to be mailed or emailed): Administration - Upload resolution to BCAP; Budget - Create budget entry from Resolution; Finance - Make the necessary transfer of funds
Additional instructions/notes: N/A