TO: Board of Supervisors
FROM: Auditor-Controller
MEETING DATE: June 21, 2016
DEPARTMENT CONTACT:
Lloyd Weer
PHONE:
234-6860
DEPARTMENT CONTACT:
Lucy Simonson
PHONE:
234-6872
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Adoption of Resolution Approving a Temporary Loan/Advance of $50,000 from the 2016-17 Tax Revenues for Mendocino Coast Recreation and Park District
End
RECOMMENDED ACTION/MOTION:
recommendation
Adopt Resolution approving a temporary loan/advance of $50,000 from the 2016-17 Tax Revenues for Mendocino Coast Recreation and Park District; and authorize Chair to sign same.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
On June 16, 2015, the Board of Supervisors adopted Resolution No. 15-086 approving the temporary loan 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 #16-02 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 2016-17, thus providing the amount with which to determine the amount of the advance.
* The District has in the past asked for the maximum of 85% of their anticipated tax. This year they are only requesting less than 11%.
* The District's loan for FY 2015-16 is currently 93% paid and the balance of repayment will be completed by the end of the fiscal year.
ALTERNATIVE ACTION/MOTION:
Deny request for temporary loan/advance
SUPPLEMENTAL INFORMATION AVAILABLE ONLINE AT: N/A
FISCAL IMPACT:
SOURCE OF FUNDING: N/A
BUDGETED IN CURRENT F/Y: Yes
CURRENT F/Y COST: N/...
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