To: Board of Supervisors
From: Auditor-Controller
Meeting Date: June 21, 2016
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Department Contact: |
Lloyd Weer |
Phone: |
234-6860 |
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Department Contact: |
Lucy Simonson |
Phone: |
234-6872 |
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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 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:
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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: Alan D. Flora, Assistant CEO |
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CEO Review: Yes |
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Comments: