Title
a. Authorize the Auditor -Controller to allow the Resource Management Agency (RMA) to establish a budget for FY 2015-16 for the Chualar County Water District (CCWD) Fund 312-3000-8198-RMA090 in the amount of $15,917 for the annual Debt Service payment to the USDA - Rural Development.
b. Authorize the Auditor-Controller to increase FY 2015-16 estimated revenue and appropriations by $15,917 in RMA Fund 312-3000-8198-RMA090 where the financing source is Assets Held as Agency for Others - Fund 312 Balance Sheet Account (BSA) 2530. (4/5ths vote required) Revised via Additions and Corrections
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Authorize the Auditor -Controller to allow the Resource Management Agency (RMA) to establish a budget for FY 2015-16 for the Chualar County Water District (CCWD) Fund 312-3000-8198-RMA090 in the amount of $15,917 for the annual Debt Service payment to the USDA - Rural Development.
b. Authorize the Auditor-Controller to increase FY 2015-16 estimated revenue and appropriations by $15,917 in RMA Fund 312-3000-8198-RMA090 where the financing source is Assets Held as Agency for Others - Fund 312 Balance Sheet Account (BSA) 2530.
SUMMAR/DISCUSSION:
During the development of the FY 2015-16 Recommended Budget process Fund 312, which is dedicated to the annual debt service payments for the Chualar County Water District (CCWD), the Budget for Fund 312 for FY 2015-16 was inadvertently overlooked and not included as part of the FY 2015-16 Budget Adoption. The above recommendation would establish a Budget for Fund 312 for FY 2015-16 and would allow for the recording of the FY 2015-16 annual the debt service payment to Fund 312.
On July 15, 1986 the CCWD received a bond in the amount of $257,000 from the United States Department of Agricultural (USDA) Rural Development to be repaid over 38 years ending in September 2024. The principal and interest payment due in FY 2015-16 is $9,000 and $6,9...
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