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Wakulla County finance staff warn short-term borrowing and policy changes will be needed if both Opportunity Park projects proceed
Summary
County finance briefed commissioners that short-term construction borrowing and later long-term financing would likely be required if the two prospective projects move forward; staff recommended updating the county's debt-per-capita guidance and adding the projects to the JPMorgan borrowing list.
WAKULLA COUNTY, Fla. — County finance staff told commissioners at a workshop that, if both Project Boomer and Project Safety proceed as currently estimated, Wakulla County would likely use short-term construction borrowing to build tenant-ready buildings and later convert a portion of that borrowing into long-term debt.
Greg (county finance staff) said the county’s existing debt policy sets an aspirational guideline of $500 per resident (adjusted for inflation), which currently equates to about $671 per resident; the county’s short-term borrowing related to implementation of grant-funded projects has already driven the county near that guideline, he said.
Why it matters: presenters said the county must be able to cash-flow large grant-funded…
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