Issue link: https://newsleader.uberflip.com/i/341318
MORE DECISIONS Based on projected cash flow over the next five years in the county's Surtax 3 program, which is funded by sales tax revenue, the com- mission will have about $7.5 million in cash that is not tied to any projects, Brownman explained. If the board chose to pursue a bank loan to cover numerous projects, it would have a borrowing capacity of $9.5 million for that period of time. Commissioner Joe Barbetta pointed out that the board on May 16 directed staff to move forward on about $9.8 million in infrastruc- ture plans, including space needs for both the Tax Collector's Office and South County court services. Why was that effort not proceeding, he asked. "Ultimately, timing's what's going to be diffi- cult," Steve Botelho, acting assistant county administrator and chief financial planning officer, pointed out, as a result of immediate funding needs. The ultimate goal is still to work toward a bank loan as discussed at that May meeting, Botelho added. When Robinson asked how pursuing the loan would affect the county's ability to borrow in the future, Brownman told her the bank note period probably would be 20 years, and the county could expect to pay $250,000 per year in debt service. "I'm really trying to wrap my head around what exactly it's going to affect," Robinson replied. "The domino effect is never easy to describe." A chart shows details of plans for the new Mid-County Tax Collector's Office. The County Commission is expected to vote July 8 on contracts involving the facility. Image courtesy Sarasota County Sarasota News Leader July 4, 2014 Page 55