File #: RES 19-157    Name: a. Receive a report on the Lakes Resort and Operations Enterprise Fund, Fund 452, FY 2018-19 financial condition; b. Adopt a Resolution to: 1) Authorize and direct the Auditor-Controller to amend the FY 2019-20 General Fund adopted budget, Fund 001, O
Type: BoS Resolution Status: Passed - RMA Administration
File created: 10/30/2019 In control: Board of Supervisors
On agenda: 11/19/2019 Final action: 11/19/2019
Title: a. Receive a report on the Lakes Resort and Operations Enterprise Fund, Fund 452, FY 2018-19 financial condition; b. Adopt a Resolution to: 1) Authorize and direct the Auditor-Controller to amend the FY 2019-20 General Fund adopted budget, Fund 001, Other Financing Uses Appropriation Unit CAO017, to increase appropriations by $2,131,440, financed by a release from the General Fund Cannabis Tax Assignment, Fund 001, Balance Sheet Account 3132 (4/5ths vote required); and 2) Authorize and direct the Auditor-Controller to transfer $2,131,440 for FY 2019-20 from General Fund, Fund 001, Other Financing Uses Appropriation Unit CAO017 (Unit 8038 Object 7614), to the Lakes Resort and Operations Enterprise Fund, Fund 452, Appropriation Unit RMA102 (Unit 8477 Object 5940) (4/5th vote required).
Attachments: 1. Board Report, 2. Attachment A-CAO Analysis on Fiscal Status of the Lake Resorts, 3. Attachment B-Lakes Resort & Operations Income Statement for FY 2018-19, 4. Attachment C-Lakes Resort & Operations Budget to Actual FY 2018-19, 5. Attachment D-Lakes Resort & Operations Income Statement 5-Yr Comparison, 6. Attachment E-Draft Resolution, 7. Completed Board Order and Resolution Item No.19
Title
a. Receive a report on the Lakes Resort and Operations Enterprise Fund, Fund 452, FY 2018-19 financial condition;
b. Adopt a Resolution to:
1) Authorize and direct the Auditor-Controller to amend the FY 2019-20 General Fund adopted budget, Fund 001, Other Financing Uses Appropriation Unit CAO017, to increase appropriations by $2,131,440, financed by a release from the General Fund Cannabis Tax Assignment, Fund 001, Balance Sheet Account 3132 (4/5ths vote required); and
2) Authorize and direct the Auditor-Controller to transfer $2,131,440 for FY 2019-20 from General Fund, Fund 001, Other Financing Uses Appropriation Unit CAO017 (Unit 8038 Object 7614), to the Lakes Resort and Operations Enterprise Fund, Fund 452, Appropriation Unit RMA102 (Unit 8477 Object 5940) (4/5th vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive a report on the Lakes Resort and Operations Enterprise Fund, Fund 452, FY 2018-19 financial condition;
b. Adopt a Resolution to:
1) Authorize and direct the Auditor-Controller to amend the FY 2019-20 General Fund adopted budget, Fund 001, Other Financing Uses Appropriation Unit CAO017, to increase appropriations by $2,131,440, financed by a release from the General Fund Cannabis Tax Assignment, Fund 001, Balance Sheet Account 3132 (4/5ths vote required); and
2) Authorize and direct the Auditor-Controller to transfer $2,131,440 for FY 2019-20 from General Fund, Fund 001, Other Financing Uses Appropriation Unit CAO017 (Unit 8038 Object 7614), to the Lakes Resort and Operations Enterprise Fund, Fund 452, Appropriation Unit RMA102 (Unit 8477 Object 5940) (4/5th vote required).

SUMMARY:
Overall, the Lakes Resort and Operations Enterprise Fund (Fund 452) ended FY 2018-19 with a $2,131,440 deficit as detailed in this report and its attachments. Staff recommends that the Board of Supervisors receive this report and approve a General Fund Contribution to balance this Fund for Fiscal Year (FY...

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