Information

Type: Deliberation

Department: PW - Public Works

Directors' Update: Dec. 11, 2019

Business Meeting: Dec. 9, 2019

Summary:

The Board of County Commissioners have reviewed information relating to reimbursement basis grants and the potential timing differences in operating cash flow and differences between incurring expenses and receiving anticipated grant revenues, the Vader Water Fund No. 420 will be in a negative cash balance.

Publications:

Cover Letter To:

Additional Copies To: Tina Hemphill, PW; Robin Saline, PW; Rose Williams, PW; Betsy Dillin, PW

Resolution

WHEREAS, the Board of County Commissioners (BOCC) have reviewed information relating to potential timing differences in operating cash flow and differences between incurring expenses and receiving anticipated grant revenues, the Vader Water Fund No. 420 will be in a negative cash balance; and

WHEREAS, it appears to be in the best public interest to authorize up to $250,000 on an as needed cash flow loan from Current Expense Fund No. 001 to Vader Water Fund No. 420 to cover the projected negative cash position until anticipated operating and grant revenues are received.

NOW THEREFORE BE IT RESOLVED that cash up to $250,000 be transferred from unencumbered Current Expense Funds to the Vader Water Fund No. 420 by the Treasurer's Office and said transfer shall be considered a loan from Current Expense Fund No. 420. That said loan shall be repaid, as the anticipated revenues are received, provided adequate cash balance remains in the Vader Water Fund No. 420 to cover subsequent period expenses; and that there shall be 3.25% interest charged given the cash is to cover expenses which may legally be allocated from the Current Expense fund. This loan will terminate on December 31, 2021.

DONE IN OPEN SESSION this 9th day of December, 2019.