County reserves drop below 25 percent

The Santa Rosa Board of County Commissioners Aug. 28 passed a resolution to transfer $8.2 million from unrestricted county reserves to a restricted fund for an upcoming Navarre Beach renourishment project.

The move reduced the county’s general reserve balance from $25,101,665 to $16,901,665 – less than one quarter of the board’s $100 million annual budget.

Commissioners plan to replenish the general reserve fund using a one-cent increase in bed tax collections, designated for beach restorations, which went into effect in June. However, the latest revenue report shows that fund has generated roughly $240,000 since inception.

Read more  in the Dec. 25 issue of Navarre Press or subscribe online here.

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