Community Development District supervisors on Friday debated the wisdom of using their money to build up a three-month reserve fund for the Project Wide Advisory Committee.
PWAC includes CDDs 5 through 9 and each district has a PWAC representative.
PWAC members want to build up a three-month reserve for unanticipated needs such as the emergency clean up of storm sewers or the traffic light put up this year on Colony Boulevard.
But some CDD supervisors are questioning whether it would be wise to transfer the money to PWAC rather than hanging onto the money themselves.
“I am a major proponent of Project Wide and I think they have done good work,” said CDD 6 Supervisor John Calandro. “And if they needed the money, we would certainly give it to them.”
But Calandro asked the purpose of turning the money over to PWAC as opposed to keeping it within district coffers.
Likewise, CDD 7Â Supervisor Jerry Vicenti wondered about providing the liquidity to PWAC as opposed to keeping it in the district.
“I am not sure why we would want to give it to PWAC rather than keep it ourselves,” he said.
Most of the districts that are part of Project Wide provide upwards of $1 million per year to PWAC for ongoing projects.
Through PWAC, the districts share the cost of major projects that benefit residents of their districts.
No final decisions were reached Friday on the PWAC reserve issue. At this point, it is a matter of supervisor discussion.
