Title
Adopt a Resolution to approve funding recommendation for the WeatherTech(r) Raceway at Laguna Seca Start/Finish Bridge and Track Resurfacing Projects totaling $9,725,000, including Laguna Seca Recreational Area (LSRA) Unrestricted Net Position $1,283,905, Cannabis Tax Assignment $4,406,095, Unassigned Fund Balance $3,000,000, and 20% sponsorship match for Bridge Project $1,035,000, and accomplish associated budget and accounting detail (4/5ths vote required).
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt a Resolution to:
a. Approve the funding recommendation for the WeatherTech(r) Raceway at Laguna Seca (WRLS) Start/Finish Bridge and Track Resurfacing Projects totaling $9,725,000, including Laguna Seca Recreational Area (LSRA) Unrestricted Net Position $1,283,905, Cannabis Tax Assignment $4,406,095, Unassigned Fund Balance $3,000,000, and 20% sponsorship match for the Bridge Project $1,035,000;
b. Authorize and direct the Auditor-Controller to amend the Fiscal Year (FY) 2021-22 Adopted Budget for LSRA, Fund 453, Appropriation Unit CAO046, to increase appropriations by $1,283,905, where the financing source is LSRA Unrestricted Net Position 453-3202 (4/5ths vote required);
c. Authorize and direct the Auditor-Controller to amend the FY 2021-22 Adopted Budget for the General Fund, Fund 001, Other Financing Uses Appropriation Unit CAO017, to increase appropriations by $7,406,095, where the financing source is Unassigned Fund Balance 001-3101 ($3,000,000) and Cannabis Tax Assignment 001-3132 ($4,406,095) (4/5ths vote required);
d. Authorize and direct the Auditor-Controller to transfer $8,690,000 for FY 2021-22 to Capital Projects, Fund 404, Appropriation Unit PFP057, from LSRA, Fund 453, Appropriation Unit CAO046 ($1,283,905), and General Fund, Fund 001, Other Financing Uses Appropriation Unit CAO017 ($7,406,095) (4/5ths vote required);
e. Authorize and direct the Auditor-Controller to amend the FY 2021-22 Adopted Budget fo...
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