USFP Receives $5 million Gift

USF Poly Logo VToday the Polk County Board of County Commissioners approved assisting the Central Florida Development Council’s plan to aid the University of South Florida Polytechnic’s construction.

The commissioners approved committing five million dollars over the next three years. According to an USFP official, the university will work to have the sum matched by the state and raise another $5 million that would be also matched. If USFP is unable to raise the additional $15 million, they would return the original $5 million to the county.

The money raised is designated for the infrastructure in the construction of the USFP “sports medicine and excellence center” on the new campus.

In the 08/09 and 09/10 fiscal years, the board is gifting the money from the county’s Reserves for Budget Stabilization. They did not make a final decision where to appropriate the funds in fiscal years 10/11 and 11/12. The payment schedule is as follows:

$100,000 in fiscal year 08/09 (Campus officials expect that payment by 12/31/08.)
$1,700,000 in fiscal year 09/10
$1,700,000 in fiscal year 10/11
$1,500,000 in fiscal year 11/12

The PDF of today’s Agenda Item #20 which outlined the plan. The full wording of the item is below:

CFDC is requesting that the county assist with the payment of $5,000,000 to help with the cost of infrastructure in the construction of the sports medicine and excellence center at the new USF Polytechnic campus.

The Board reviewed some options at the December 11 Finance Committee Meeting and there was consensus to bring an agenda item to the Board to commit to $1,700,000 in the FY 09/10 Budget, $1,700,000 in the FY 10/11 Budget, $1,500,000 in the FY 11/12 Budget, and a payment of a $100,000 contribution in FY 08/09, for a total of $5,000,000.

Funding for the payment of $100,000 in FY 08/09 will be available after a transfer from Reserves for Budget Stabilization, in addition $1,700,000 will be transferred from Reserves for Budget Stabilization to
a project specific reserve account to hold the $1,700,000 to be budgeted during the FY 09/10 budget process. The $1,700,000 in FY 10/11 and the $1,500,000 in FY 11/12 will be appropriated in future budget processes. Another agenda item will be brought to the Board early in calendar year 2009 to address the agreement for the funding. The $5,000,00 is to be returned to the County if USF is unable to secure another $15,000,000 for this project.

RECOMMENDATION

Recommend Board approve assisting CFDC with funding the construction of infrastructure for the sports medicine and excellence center at the new USF Polytechnic campus in the amount of $100,000 to be paid in FY 08/09.

In addition, recommend Board approve a transfer of $1,800,000 from Reserves for Budget Stabilization to the project specific reserve account, with $1,700,000 to be held in this reserve account to be appropriated in FY 09/10 during the budget process.

Finally request Board approve the transfer of the $100,000 from the project specific reserve account to the General county Administration account to be paid to CFDC as our pledge of commitment of $5,000,000 over the next three years.

FISCAL IMPACT
Funding in the amount of $1,800,000 will be transferred to the project specific reserve account from Reserves for Budget Stabilization. $1,700,000 will remain in the project specific reserve account until it is appropriated in the FY 09/10 budget process. The $100,000 will be transferred to the General County Administration account for payment. At the Finance Committee meeting the Board discussed a tentative FY 07/08 General Fund ending fund balance of approximately $8,500,000.

This balance is not final since the audit is not finished yet; however, once the audit is finished and a final ending fund balance is established, the Reserves for Budget Stabilization will be replenished.

Creative Commons License image credit: lakelandlocal

2 thoughts on “USFP Receives $5 million Gift

  1. Wow, so the county can fork out this kind of money for a State University, but can hold $300,000 back to keep the doors of the Polk County Historical Museum and Historical Genealogical Library open. That is such a shame! It doesn’t keep much to maintain the museum and it holds a wealth of priceless items representing our heritage. Something needs to be done about this!

  2. Wow, so the county can fork out this kind of money for a State University, but can hold $300,000 back to keep the doors of the Polk County Historical Museum and Historical Genealogical Library open. That is such a shame! It doesn’t keep much to maintain the museum and it holds a wealth of priceless items representing our heritage. Something needs to be done about this!

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