Title
Approve a request from the Soledad-Mission Recreation District for dry period loan of $39,000 for the Fiscal Year ending June 30, 2017.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Approve a request from the Soledad-Mission Recreation District for dry period loan of $39,000 for the Fiscal Year ending June 30, 2017.
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 Soledad-Mission Recreation District has requested a temporary transfer of funds pursuant to the California Constitution, Article 16, Section 6. The attached request will enable the Soledad-Mission Recreation 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.
FINANCING:
The County Treasurer has certified that sufficient funds will be available in the County Treasury as of October 5th, 2016, to finance the requested advance. The Auditor-Controller has certified that anticipated revenue in Fiscal Year 2016-17 will be sufficient to repay the temporary loan. There is no impact to the County’s General Fund.
Prepared by: Warner Howser, Accountant Auditor III, 755-5094
Approved by: Rupa Shah, CPA, Assistant Auditor-Controller, 755-5099
Attachments:
Special District Resolution
Request and Certification for Temporary Transfer of Funds