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HomeMy WebLinkAboutAgenda - 09-21-2010 - 4ko~p-~o~~_ ©~3 ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: September 21, 2010 Action Agenda Item No. q-- - K SUBJECT: Appropriate Payment-in-Lieu Funds from the Parks and Open Space Subdivision Payment-in-Lieu Fund and Approve Budget Amendment #1-A DEPARTMENT: Financial Services PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Open Space -Subdivision Payment-in- Lieu Funds INFORMATION CONTACT: Clarence Grier, (919) 245-2453 Michael Talbert, (919) 245-2153 David Stancil, (919) 245-2510 PURPOSE: To appropriate $656,481 of Payment-in-Lieu funds from the Parks and Open Space Subdivision Payment-in-Lieu Fund to fund authorized projects from 2002 to 2008. BACKGROUND: The Parks and Open Space Subdivision Payment-in-Lieu Fund was established by the Board of County Commissioners to provide funds to help purchase land and/or construct facilities for parks and open space for different areas of the County. Each new subdivision pays an amount based on a formula per the number of lots created or total acreage. The funds are paid into four geographic district accounts and must be expended in that district for parkland or open space acquisition, or facilities, to serve the residents in the district. CURRENT SITUTATION: The Board approved funding for the first project, the Seven Mile Creek Preserve, on April 1, 2001. Since April 1, 2001, eight different projects have been approved for a total of $831,504. Below is a list of approved projects: FY 01/02 Seven-Mile Creek Preserve $260,000 FY 01/02 Twin Creeks/Moniese Nomp 50,000 FY 01/02 Blackwood Farm 117,000 FY 03/04 Northern Park (NHSC) 11,481 FY 03/04 Little River Park 40,000 FY 04/05 Millhouse Road Park 30,000 FY 07/08 Cedar Grove Park 148,000 FY 09/10 Fairview Park, Phase II 175,023 Total $831,504 All funds collected for the Parks and Open Space subdivision Payment-in-Lieu Fund have been accounted for in a Special Revenue Fund and remains in the Fund Balance. Since the inception of the fund in mid-1980's, over $1 million dollars has been received for Parks and Open Space. Of the $831,504 approved for Parks and Open Space projects, $175,023 has been transferred to the Fairview Park Phase II Project. The Fairview Park Phase II project is the only project to date to be both budgeted and fully funded from the Parks and Open Space Subdivision Payment-in-Lieu Fund. Historically there has been a significant lag between the approval of the projects and the approval of the budget amendments. Four of the eight project budgets were never amended to reflect funding from the Parks and Open Space Subdivision Payment-in-Lieu Fund. These four projects were subsequently funded from debt proceeds and transfers from the General Funds. Three of the eight projects were budgeted but were partially funded from the General Fund as projects were closed as of June 30, 2009. Board action is requested to approve a $656,481 transfer from the Parks and Open Space Subdivision Payment-in-Lieu Fund, with $471,227 going to the General Fund to reimburse the General Fund, and with $185,254 going to the County Capital Projects Fund. Both the Blackwood Farm project ($75,000) and the Cedar Grove Park project ($110,254) will receive the belated funding. FINANCIAL IMPACT: The appropriation of $656,481 will complete transactions from the Parks and Open Space Subdivision Payment-in-Lieu Fund that the Board has approved over the past nine years. The fund balance in the Parks and Open Space Subdivision Payment-in-Lieu Fund will accurately reflect available resources for other projects. After this appropriation there will be over $240,626 available for future projects. Budget Amendment # 1-A for Parks and Open Space Subdivision Payment-in-Lieu Fund Revenues: Fund Balance Applied $656,481 Expenditures: Transfer to General Fund $471,227 Transfer to County Capital Projects $185,254 RECOMMENDATION(S): The Manager recommends the Board approve Budget Amendment #1-A, appropriating $656,481 from the Parks and Open Space Subdivision Payment-in-Lieu Fund, with $185,254 transferred to the County Capital Projects Fund and $471,227 transferred to the General Fund. 3 5. Parks and Open Space -Subdivision Payment-in-Lieu Funds Funds Collected to Date (July 1, 2010): $1,286,552 ..... ~a.t']~i. ~.Ji. Hr3;s .uF„~ .hl4.?~litil:;.... ......«...-1. ....c ~r , ... ~~.. . , F.. __~ .>n...+~..,1 .:.L-F. a ....», ... ». ~,_.~irt,, ...t5.. a. v. „~ ..3i Expenditures Since April 2001 Acquisition Amount Fiscal Year Sevenmile Creek Preserve pt of Cheeks Dist Pk) $ 260,000 FY 02-06 Future Twin Creeks / Moniese Nom Park $ 50,000 FY 02 Future Blackwood Farm Park $ 117,000 FY 05 Cedar Grove Park Vincent $ 11,481 FY 04 Little River Park 8~ Natural Area -facilities $ 40,000 FY 04 Future Millhouse Road Park $ 30,000 FY 05 Cedar Grove Park - facilit construction $ 148,000 FY 08 Fairview Park -facility construction $ 175,023 FY 10 TOTAL $ 831,504 Encumbered Funds /Acquisitions Under Negotiation Planned Ac uisition/Construction Amount (est.) Fiscal Year TOTAL $ - Available Unencumbered Funds: Funds are collected by, and must be expended by, four individual geographic park districts. The following is the estimate of available funds for each district as of July 1, 2010. District Amount Northern Orange $ 57,878 Cheeks/Hillsborough $ 96,866 Bingham $ 177,958 Cha el Hill Township $ 122,346 TOTAL $ 455,048 Note: Some small expenditures from the Fund occurred prior to 2000 and are not reflected here. Projected Future Expenditures: The Parks and Open Space Subdivision Payment-in-Lieu program is designed to provide funds to help purchase land and provide park/open space facilities for different areas of the County based on location of the subdivision. Each new land subdivision pays an amount based on the number of lots created (or may dedicate land, in some cases). The funds are paid into four geographic district accounts, and must be expended in that district for parkland or open space acquisition or facilities, to serve the residents of the district. If is anticipated that this funding source would in part help pay for the acquisition of lands for the future Northeast and Bingham District Parks, as well as helping to pay for open space lands or facilities at existing or new parks.