Title
Adopt a Resolution to authorize and direct the Auditor-Controller to amend the Fiscal Year 2025-26 Adopted Budget by increasing appropriations by $10,000 to fund financial advisory services in County Administrative Office- Admin/Finance (001-1050-CAO001-8045), financed by a decrease in appropriations in County Administrative Office - Contingencies (001-1050-CAO020-8034) (4/5th vote).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt a resolution to authorize and direct the Auditor-Controller to amend the Fiscal Year 2025-26 Adopted Budget by increasing appropriations by $10,000 to fund financial advisory services in County Administrative Office- Admin/Finance (001-1050-CAO001-8045), financed by a decrease in appropriations in County Administrative Office - Contingencies (001-1050-CAO020-8034) (4/5th vote).
SUMMARY/DISCUSSION:
Over the past several months, the County of Monterey (County) has participated in discussions regarding AB 1548 (Pellerin), which would establish the Monterey Bay Area Stewardship Authority to support long-term funding for the protection, restoration, and stewardship of natural and working lands in Monterey, San Benito, and Santa Cruz Counties.
While the County supports the preservation of natural and working lands, concerns remain regarding several provisions in the proposed legislation, particularly those related to debt issuance and financing.
To further assess the potential fiscal impacts and protect the County’s interests, the County Administrative Office proposes retaining KNN Financial, the County’s financial advisor, to conduct additional financial analysis. An augmentation in the amount of $10,000 is requested to fund these services.
OTHER AGENCY INVOLVEMENT/COMMITTEE ACTIONS:
The County Administrative Office coordinated with the Office of County Counsel.
FINANCING:
The recommended action would increase appropriations in the FY 2025-26 Adopted Budget for CAO-Admin/Finance for $10,000 financed by a decrease in appropriations in CAO-Contingencies, Appropriation Unit CAO020
Prepared by: Karina Bokanovich, Management Analyst III
Approved by: Nicholas E. Chiulos, Chief Assistant County Administrative Officer
Attachment: Resolution