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Emerald Isle approves $1M inter‑fund loan and $305,000 budget amendment for Pebble Beach land purchase
Summary
The board authorized a $1 million inter‑fund loan from the Future Beach Nourishment Fund to the General Fund, to be repaid over five years (first‑year debt service about $225,000), and approved a General Fund budget amendment to add $305,000 needed to complete the Pebble Beach land acquisition.
On April 14 the Emerald Isle Board of Commissioners approved an inter‑fund loan and a corresponding budget amendment to support purchase of land at Pebble Beach.
Finance Director Laura Rotchford told the board the town sought a $1 million inter‑fund loan from the Future Beach Nourishment Fund to the General Fund, repayable over five years at an interest rate equal to the town’s other investments in that fund. Rotchford said the loan would result in a first‑year debt service payment of approximately $225,000 and that an additional $305,000 was needed to complete the acquisition; the budget amendment would appropriate those funds.
The board opened a public hearing and heard no public comments. Commissioner Alesia Sanderson moved to adopt the resolution authorizing the inter‑fund loan and later moved to adopt the General Fund budget amendment; both motions passed on 4‑0 votes.
The motions direct staff to proceed with the loan and the budget amendment necessary to finalize the land purchase. The board did not discuss financing alternatives in detail during the public meeting.
