SUBJECT
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Approve a budget resolution and budget amendment to establish a budget for the Public Facilities Rev Refunding Bond Series 2025 Fund ($5,459,623 unanticipated revenue and expense)
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DESCRIPTION
On October 7, 2025, the Board of County Commissioners adopted Resolution 25-118 to accept the issuance of debt in the amount of $39,290,000 to refund existing debt at a lower interest rate and pay the costs associated with the issuance. As a result of the authorization, the refunding reduces the annual interest expense to the County without extending the payment timetable.
The refinancing was not anticipated in the FY 25/26 adopted budget; therefore, this budget resolution and budget amendment are necessary in order to establish a budget for the new Public Facilities Revenue Refunding Bond Series 2025 (Ref 2014) Fund to cover expenses that will be realized in FY 25/26.
RECOMMENDATION
Request the Board approve the budget resolution and budget amendment authorizing the establishment of a budget in the amount of $5,459,623 for the Public Facilities Revenue Refunding Bond Series 2025 (Ref 2014) Fund.
FISCAL IMPACT
Upon approval of the budget resolution and budget amendment, the FY 25/26 revenue and expense budget will increase by $5,459,623 with the establishment of a budget for the Public Facilities Rev Refunding Bond Series 2025 Fund.
CONTACT INFORMATION
Jennifer Holland
Senior Budget Analyst
Budget and Management Services
863-534-6740