Title
a. Approve and authorize an increase in appropriations of $291,817.90 for the FY 2015-16 Economic Development Department's Revolving Loan Fund, Fund 011 Appropriations Unit DEO020, Unit 8044, financed by an operating transfer of $291,817.90 from the Unassigned Fund Balance, for the purpose of enhancing small business lending (requires 4/5ths vote);
b. Authorize the Auditor-Controller to amend the FY 2015-16 Adopted Budget for Fund 011, Appropriations Unit DEO020, Unit 8044 by increasing appropriations in the amount of $291,817.90, using Unassigned Fund Balance as the financing source, for the purpose of enhancing small business lending (requires 4/5ths vote);
c. Authorize the Director of Economic Development to immediately transfer $150,620.37 of this amount from the amended budget to the County Small Business Revolving Loan Fund (SBRLF) lending accounts, thereby accounting for SBRLF capital funds previously used for administrative expenses and increasing funds available for small business lending;
d. Authorize the Director of Economic Development to transfer $141,197.53 of this amount from the amended budget to the County's SBRLF lending accounts, upon receipt of the U.S. Department of Commerce, Economic Development Administration's approval to replace State Community Development Block Grant (CDBG) funds in the SBRLF, thereby making loans more available and attractive to county businesses; and
e. Authorize the Director of the Economic Development Department to send a letter to the U.S. Department of Commerce, Economic Development Administration regarding these transfers and the administration of small business lending funds.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Approve and authorize an increase in appropriations of $291,817.90 for the FY 2015-16 Economic Development Department's Revolving Loan Fund, Fund 011 Appropriations Unit DEO020, Unit 8044, financed by an operating transfer of $291,817.90 from the ...
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