Coastal Budget (BEING UPDATED)

The CCMP Construction Fund (309) is used to fund the construction costs of the coastal projects. The total FY14 budget for coastal protection approved by the Town Council is $22,844,000. Of this amount, administrative costs are paid out of the Public Works budget in the General Fund, leaving a budget requirement for FY14 of $22,136,000 for the CCMP Fund.

The table below summarizes the Coastal Protection Funding for FY14:
Funding Source
Current Coastal Protection Reserves$11,324,632
Transfer from the FY14 General Fund Budget5,659,194
Transfer from Reserves of Risk Insurance Fund2,000,000
Total Available Funding for FY14 $18,983,826

The North Ocean Boulevard Seawall is a bondable project that is included in the FY14 Coastal budget at a cost of $5,600,000. If the seawall is constructed in FY14, the Town could fund the project from ACIP Phase 2 bond proceeds or secure short term borrowing until a future bond is issued.

Implementation of the coastal management plan beyond FY14 will require the appropriation of significant sums (millions of dollars each year) to pay for the design, permitting, construction, and monitoring of future projects. At this time, we do not know the magnitude, if any, of State of Florida grant funds to offset the total cost of the coastal program.

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