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House Community
Budget Issue Requests - Tracking Id #1123 Loan to Gulf County School District for Tax Year 1999 |
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Requester: |
Gulf County School Board Gulf County |
Organization: |
Gulf County Schools |
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Project Title: |
Loan to Gulf County School District for Tax Year 1999 |
Date Submitted: |
01/25/2000 2:18:39 PM |
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District Member: |
Bev Kilmer |
Service Area: |
County |
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Counties Affected: |
Gulf |
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Recipient: |
Gulf County School District |
Contact: |
Jerry Kelley |
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150 Middle School Road |
Contact Phone: |
(850) 229-8256 |
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Port St. Joe 32456 |
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Project Description: |
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This request is for a loan in the amount of $1,264,655 to offset the impact of non-payment of ad valorem taxes by Florida Coast Mill on the FEFP funding for the Gulf County School District in FY 2000-2001. This loan amount reflects an ongoing effort to resolve legal and tax issues surrounding the current federal bankruptcy proceedings as relates to Gulf County governmental agencies. The State has loaned, and will be repaid out of settled funds, revenues for tax years 1997 and 1998. This request is for tax year 1999, as post-petition issues have not been finalized by the federal court and a failure to receive the 1999 ad valorem taxes will have a negative effect on the county in the FEFP formula. This loan will provide for protection for the school district while the court continues to resolve the bankruptcy issues. |
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Services Provided/Benefit to State: |
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This loan will prevent budget reductions that would result from the non-payment of property taxes on the school district's funding and provide the opportunity to continue the current level of programs that would be supported by the FEFP if said funds were paid by the taxpayer. The amount of the loan will be repaid by the district at such time as local property taxes are remitted to the district. |
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Measurable Outcome Anticipated: |
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Provide loan to the School District equal to the impact of the non-payment of local property taxes by the defaulting taxpayer on the District funding provided within the FEFP based on the approved tax roll for the county and the Required Local Effort and the Discretionary Local Effort levied by the School District. |
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Amount requested from the State for this project this year: |
$1,264,655 |
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Total cost of the project: |
$1,264,655 |
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Request has been made to fund: |
Operations |
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Is there Local Government or Private match for this request? |
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No |
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Was this project previously funded by the State? |
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Yes |
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Fiscal Year: |
1999-2000 |
Amount: |
$1,977,444 |
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Is future-year funding likely to be requested? |
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Unknown |
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Was this project included in an Agency's Budget Request? |
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No |
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Was this project included in the Governor's Recommended Budget? |
No |
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Is there a documented need for this project? |
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Yes |
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Documentation: |
Negative financial impact on Gulf County School District FEFP if taxes not paid nor replaced. |
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Was this project request heard before a publicly noticed meeting of a body of elected officials (municipal, county, or state)? |
Yes |
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Hearing Body: |
Gulf County School Board |
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Meeting Date: |
01/11/2000 |
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