SUBJECT
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Approve transfer from Reserves for Cash Balance Forward from Solid Waste Funds for FY 23/24 (one-time transfer $6,200,000)
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DESCRIPTION
The Solid Waste Operations Fund has incurred greater than budgeted operational expenses related to overtime, landfill volume and third-party vendors for Leachate and Yard Waste in FY 23/24. Due to the over expenditures, a one-time transfer from Reserves for Cash Balance Forward for $3,500,000 is required to cover these costs in the Solid Waste Operations Fund.
In addition, the Solid Waste Collection Funds have incurred greater than budgeted operational expenses related to increased cost of haulers and incentive fees. Therefore, a one-time transfer from Reserves for Cash Balance Forward for $2,700,000 is required in the Solid Waste Universal Collection Funds to cover the unanticipated expenditures. In summary, this will reconcile these FY 23/24 expenditures.
RECOMMENDATION
Request the Board approve a transfer from the Solid Waste Reserves for Cash Balance Forward to the Solid Waste Operations Fund and to Universal Collections Fund totaling $6,200,000.
FISCAL IMPACT
Upon approval, funds will be available in the Solid Waste Operations Fund and the Universal Collection Fund.
CONTACT INFORMATION
Barbara Ramos, Financial Administrator
Polk County Solid Waste Division
10 Environmental Loop S, Winter Haven FL 33880
863.284.4319