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File #: 25-549    Name: Monterey County Regional Fire District Dry Period Loan
Type: General Agenda Item Status: Passed
File created: 7/22/2025 In control: Board of Supervisors
On agenda: 8/5/2025 Final action: 8/5/2025
Title: Approve a request from the Monterey County Regional Fire District for dry period loan of $8,000,000 for the Fiscal Year ending June 30, 2026
Attachments: 1. Board Report, 2. Request and Certification for Temporary Transfer of Funds.pdf, 3. District Resolution.pdf, 4. Board of Supervisors Resolution.pdf, 5. Completed Board Order Item No. 34, 6. Completed Resolution Item No. 34
Title

Approve a request from the Monterey County Regional Fire District for dry period loan of $8,000,000 for the Fiscal Year ending June 30, 2026

Report

RECOMMENDATION:

It is recommended that the Board of Supervisors:

Approve a request from the Monterey County Regional Fire District of $8,000,000 for the Fiscal Year ending June 30, 2026.

SUMMARY:

Dry Period Loan requests are submitted by qualified special districts to meet current operating expenses and cash flow needs during the periods of time between property tax payment receipts.

DISCUSSION:

The Monterey County Regional Fire District has requested a temporary transfer of funds pursuant to the California Constitution, Article 16, Section 6.  The attached request will enable the Monterey County Regional Fire District to meet current operating expenses pending receipt of property tax payments.  The funds advanced may only be used to meet maintenance and operational expenses.  No part of this loan may be invested.  The amount advanced will be repaid with interest at a rate equivalent to the average rate of return currently earned on deposits in the County Treasury. The district is requesting an initial allocation of this dry period loan of $4,000,000 by September 1, 2025, while it performs additional cash flow analysis and works with the County to refine its need for funding and utilization of County resources. The additional allocation(s) of up to $4,000,000 will be requested by the district pending this analysis.

FINANCING:

The County Treasurer has certified that sufficient funds will be available in the County Treasury as of July 1, 2025, to finance the requested advance.  The Auditor-Controller has certified that anticipated revenue in Fiscal Year 2025-26 will be sufficient to repay the temporary loan.  The repayments will be in December 2025 and April 2026.

BOARD OF SUPERVISORS STRATEGIC INITIATIVES:

To maintain emergency services in support of the community without interruption....

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