Information

Type: Deliberation

Department: AUD - Auditor

Directors' Update: Feb. 19, 2025

Business Meeting: Feb. 25, 2025

Summary:

Extend the existing interfund loan from REET II to the Homeless Shelter Capital Fund 

Publications:

Cover Letter To:

Additional Copies To: Doug Carey, Linda Mastin, Meja Handlen, Kendra Garrison, Becky Butler

Resolution

WHEREAS, the Board of County Commissioners (BOCC) authorized a temporary interfund loan from the Real Estate Excise Tax (REET II) Fund No. 3120 to the Homeless Shelter Capital Fund No. 3500 via Resolution 23-323 to cover the negative cash position until anticipated grant revenues are received; and

WHEREAS, the loan was originally set to terminate on December 31, 2024; and

WHEREAS, the Homeless Shelter project is ongoing and requires a time extension of the cash flow loan until completion.

NOW THEREFORE BE IT RESOLVED the BOCC approves the extension of the existing interfund loan from REET II Fund No. 3120 to the Homeless Shelter Capital Fund No. 3500 until December 31, 2025. This extension does not provide additional cash flow beyond the original loan of $500,000.

DONE IN OPEN SESSION this 25th day of February, 2025.