8.A) Lake Holiday Fund - Final Disbursement for Excess Funds
The bond for the Lake Holiday Dam replacement costs has been satisfied. The remaining cash funds total approximately $195,960. Per the Code of Virginia, the governing body for the Sanitary District may determine the final disbursement for excess funds from the following options:
1- Transfer funds to the County's General Fund
2- Disburse funds to Lake Holiday Homeowners Association
3- Refunding excess funds to those eligible that paid. If the Board of Supervisors moves forward with the refund, those eligible will receive a credit on their June 2025 real estate account.
Staff is seeking direction from the Board and a motion for a Lake Holiday Fund supplemental appropriation.