Information

Type: Deliberation

Department: AUD - Auditor

Directors' Update: Dec. 31, 2024

Business Meeting: Jan. 7, 2025

Summary:

Authorizing cash flow loan from the General Fund No. 0010 to the Community Development Block Grant Fund No. 1400

Publications:

Cover Letter To:

Additional Copies To:

Resolution

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

WHEREAS, the Community Development Block Grant Fund No. 1400 will have a negative cash balance at year-end due to the timing of grant reimbursements related to the Water Reservoir project and the Packwood Sewer project; and

WHEREAS, it appears to be in the best public interest to authorize a cash-flow loan up to $750,000 on an as-needed basis from the General Fund No. 0010 to Community Development Block Grant Fund No. 1400, based on an awarded grant funded project, to cover the projected negative cash position until anticipated grant revenues are received; and

WHEREAS, no interest shall be charged the temporary loan as the lending fund is the General Fund and the borrowing fund has no other source of revenue other than the existing grant agreements.

NOW THEREFORE BE IT RESOLVED that General Fund No. 0010 shall loan up to $750,000 to the Community Development Block Grant Fund No. 1400 on an as-needed basis by the Treasurer's Office, and the loan shall be repaid as the anticipated revenues are received, provided that adequate cash balance remains in Fund No. 1400. This loan will terminate on December 31, 2026.

DONE IN OPEN SESSION this 7th day of January, 2025.