To: Board of Supervisors
From: Auditor-Controller
Meeting Date: July 18, 2017
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Department Contact: |
Lloyd Weer |
Phone: |
234-6860 |
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Department Contact: |
Lucy Simonson |
Phone: |
234-6860 |
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Item Type: Consent Agenda |
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Time Allocated for Item: N/A |
Agenda Title:
title
Adoption of Resolution Approving a Temporary Loan/Advance of $50,000 from the 2017-18 Tax Revenues for Mendocino Coast Recreation and Park District
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Recommended Action/Motion:
recommendation
Adopt Resolution approving a temporary loan/advance of $50,000 from the 2017-18 Tax Revenues for Mendocino Coast Recreation and Park District; and authorize Chair to sign same.
End
Previous Board/Board Committee Actions:
On June 21, 2016, the Board of Supervisors adopted Resolution No. 16-067 approving the temporary loan of $50,000 to Mendocino Coast Recreation and Park District per the District’s request and resolution.
Summary of Request:
• Section 23010 of the Government Code authorizes the Board to loan available funds to districts, providing the loan does not exceed 85% of the district’s anticipated tax revenues for the period loaned.
• The District has adopted their resolution #17-04 and made a formal request by letter to the County to request the loan/advance in order to operate during the months prior to their receipt of Secured property taxes.
• The Auditor-Controller has transmitted to the District their estimated revenues for FY 2017-18, thus providing the amount with which to determine the amount of the advance.
• The District is requesting less than 11% of their anticipated tax revenues for FY 2017-18.
• The District’s loan for FY 2016-17 is currently 93% paid from current secured distributions of tax and the balance of repayment will be completed by the end of the fiscal year.
• The District is charged interest on the loan/advance at the County’s pooled interest rate.
Alternative Action/Motion:
Deny request for temporary loan/advance
Supplemental Information Available Online at: N/A
Fiscal Impact:
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Source of Funding: N/A |
Budgeted in Current F/Y: Yes |
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Current F/Y Cost: N/A |
Annual Recurring Cost: N/A |
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Supervisorial District: District 4 |
Vote Requirement: Majority |
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Agreement/Resolution/Ordinance Approved by County Counsel: Yes
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CEO Liaison: Jill Martin, Deputy CEO |
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CEO Review: Yes |
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Comments:
FOR COB USE ONLY
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Executed By: Nicole French |
Final Status:Adopted |
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Date: July 19, 2017 |
Executed Item Number: Resolution 17-099 |
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Note to Department: |
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