TO: Board of Supervisors
FROM: Auditor-Controller
MEETING DATE: July 18, 2017
DEPARTMENT CONTACT:
Lloyd Weer
PHONE:
234-6860
DEPARTMENT CONTACT:
Lucy Simonson
PHONE:
234-6860
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 2017-18 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 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 ONLI...
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