Information

Type: Deliberation

Department: PW - Public Works

Directors' Update: Jan. 12, 2022

Business Meeting: Jan. 18, 2022

Summary:

Authorizing cash-flow loan from Current Expense Fund No. 0010 to Cowlitz River Basin Subzone Fund 1260  

Publications:

Cover Letter To:

Additional Copies To: Rodney Reynolds, Arny Davis, Grace Jimenez, Josh Metcalf, Tina Hemphill

Resolution

WHEREAS, the Board of County Commissioners (BOCC) has reviewed information relating to reimbursement basis grants and the potential timing difference between incurring project expenses and receiving anticipated grant revenues; and

WHEREAS, it appears the Cowlitz River Basin Subzone Fund No. 1260 will be in a negative cash balance during the Federal Emergency Management Agency (FEMA) floodplain study of the Upper Cowlitz Basin; and

WHEREAS, it appears to be in the best public interest to authorize up to $650,000 on an as-needed, cash-flow basis loan from Current Expense Fund No. 0010 to Cowlitz River Basin Subzone Fund No. 1260, based on an awarded grant funded project, to cover the projected negative cash position until anticipated grant revenues are received during the project.

NOW THEREFORE BE IT RESOLVED that cash up to $650,000 be transferred from unencumbered Current Expense Funds to the Cowlitz River Basin Subzone Fund No. 1260 based on awarded grant funded projects, by the Treasurer’s Office, and said transfer shall be considered a loan from Current Expense to said Fund No. 1260. That said loan shall be repaid, as the anticipated revenues are received, provided adequate cash balance remains in the Cowlitz River Basin Subzone Fund No. 1260 to cover subsequent period expenses for the FEMA floodplain study of the Upper Cowlitz Basin. This loan will terminate on December 31, 2022, or earlier if the project is completed.

DONE IN OPEN SESSION this 18th day of January, 2022.