Information

Type: Deliberation

Department: PW - Public Works

Directors' Update: Jan. 29, 2020

Business Meeting: Feb. 3, 2020

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, Suzette Smith, 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, the Cowlitz River Basin Subzone Fund No. 1260, will be in a negative cash balance during the 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; 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 for the FEMA floodplain study of the Upper Cowlitz Basin. This loan will terminate on December 31, 2020, or earlier if the project is completed.

DONE IN OPEN SESSION this 3rd day of February, 2020.