File #: RES 20-067    Name: Adopt a resolution recommending the Monterey County Board of Supervisors authorize and direct the Auditor-Controller to amend the Fiscal Year 2019-20 East Garrison Public Financing Authority (EGPFA) Adopted Budget, Fund 180-East Garrison Community Facilit
Type: East Garrison Public Finance Authority Status: Consent Agenda
File created: 5/4/2020 In control: East Garrison Public Financing Authority
On agenda: 6/9/2020 Final action: 6/9/2020
Title: Adopt a resolution recommending the Monterey County Board of Supervisors authorize and direct the Auditor-Controller to amend the Fiscal Year 2019-20 East Garrison Public Financing Authority (EGPFA) Adopted Budget, Fund 180-East Garrison Community Facilities District, Appropriation Unit RMA105, to increase appropriations by $8,736, financed by Fund 180, EGPFA Unassigned Fund Balance, Balance Sheet Account 3101 (4/5th vote required).
Attachments: 1. Board Report, 2. Attachment A-EGPFA Financial Summary, 3. Attachment B-Boundary Map, 4. Attachment C-Draft Board Resolution, 5. Attachment D-Board Order Reso 5-19-2020-EGPFA, 6. EGPFA Item No. 1 Completed Board Order and Resolution signed

Title

Adopt a resolution recommending the Monterey County Board of Supervisors authorize and direct the Auditor-Controller to amend the Fiscal Year 2019-20 East Garrison Public Financing Authority (EGPFA) Adopted Budget, Fund 180-East Garrison Community Facilities District, Appropriation Unit RMA105, to increase appropriations by $8,736, financed by Fund 180, EGPFA Unassigned Fund Balance, Balance Sheet Account 3101 (4/5th vote required).

Report

RECOMMENDATION:

It is recommended the Board of Supervisors, acting as the Board of Directors of the East Garrison Public Financing Authority, adopt a resolution recommending the Monterey County Board of Supervisors authorize and direct the Auditor-Controller to amend the Fiscal Year 2019-20 East Garrison Public Financing Authority (EGPFA) Adopted Budget, Fund 180-East Garrison Community Facilities District, Appropriation Unit RMA105, to increase appropriations by $8,736, financed by Fund 180, EGPFA Unassigned Fund Balance, Balance Sheet Account 3101 (4/5th vote required).

 

SUMMARY/DISCUSSION:

When developing the FY 2019-20 Adopted Budget for the East Garrison Public Financing Authority (EGPFA), staff estimated that 23 East Garrison property owners would prepay the East Garrison Community Facilities District (EGCFD) tax.  As of March 4, 2020, 30 property owners had prepaid the EGCFD tax.  The current estimate for FY 2019-20 for prepaid EGCFD tax administration is $15,015, based on a revised projection from 23 to 55 property owners, leaving a budgetary shortfall of $8,736.  The appropriations increase is needed to cover higher-than-anticipated prepaid EGCFD taxes by East Garrison property owners.

 

Staff requests that the Board adopt a resolution recommending the Monterey County Board of Supervisors authorize an appropriations increase in the FY 2019-20 EGPFA Adopted Budget, Fund 180-EGCFD, Appropriation Unit RMA105, by $8,736, financed by Fund 180, EGPFA Unassigned Fund Balance, Balance Sheet Account 3101, for increased expenditures not anticipated in the FY 2019-20 Adopted Budget for prepaid EGCFD tax administration.

 

Note: Due to a processing delay, planned concurrent reports did not make the same agenda date, and the BOS approved the budget appropriations increase on May 19, 2020 (Attachment D).

 

OTHER AGENCY INVOLVEMENT:

On April 29, 2020, the Board of Supervisors’ Budget Committee supported the recommended action in concept.  However, in error, the Budget Committee report listed the Board of Directors and Appropriation Unit as the East Garrison Community Facility District.  The correct name is the East Garrison Public Financing Authority.

 

 

 

FINANCING:

The FY 2019-20 EGPFA, Fund 180-EGCFD, beginning fund balance is $444,495; projected revenue is $64,105.  With the requested appropriations increase, expenditures are estimated to total $63,736, resulting in an estimated year-end fund balance of $444,774.

 

BOARD OF SUPERVISORS STRATEGIC INITIATIVES:

The recommended action supports the Board of Supervisors’ Administration Initiative.  Funding at a level to provide adequate finances to manage the prepaid EGCFD tax is essential to optimal day-to-day operations.

 

            Economic Development

  X       Administration

            Health & Human Services

            Infrastructure

            Public Safety

 

Prepared by:     Dawn Yonemitsu, RMA Special Districts Management Analyst I (831) 755-5304

Reviewed by:   Melanie Beretti, Property Administration/Special Programs Manager

Approved by:   Shawne Ellerbee, RMA Deputy Director of Administrative Services

Approved by:   Carl P. Holm, AICP, RMA Director

 

Attachments:

Attachment A-East Garrison PFA Financial Summary for FY Ending 6/30/2020

Attachment B-East Garrison Community Facility District Boundary Map

Attachment C-Draft Resolution

(Attachments are on file with the Clerk of the Board)