Supplemental appropriation in BSI Canal Maintenance Fund to payoff perimeter dredging debt in FY 2020

BSI Canal Maintenance Assessment District (CMAD)

Appropriate $93,980 to expenditure account number 104-0000-549-7103 for principal repayment of loan from fund balance (ending reserves).

As part of the FY 2021 budget process, updated projections for FY 2020  were presented to the BSI Canal Advisory Committee on June 9, 2020, and to the City Council on July 1, 2020. Due to FEMA increasing the reimbursement percentage on the Hurricane Irma seawall repairs from 75% to 90%, thereby reducing the State and City's percentages from 12.5% to 5% each, additional fund balance is available. Use of the funds to make the final payment on the perimeter dredging project debt service a year earlier in FY 2020 (rather than FY 2021), would allow the elimination of the dredging assessment that was scheduled for FY 2021. Both the BSI Canal Advisory Committee and Council requested that the City move forward with the proposed early payoff.