Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
No action is requested. This reporting is being provided to meet the quarterly reporting requirement for monetary transfers among budget funds per Board Resolution #09-1262. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
body
Requirement for Board Action (Cite specific Board policy, statute or code requirement)
Board Resolution #09-1262
Strategic Priority Area related to this item (If yes, note strategic priority area below)
Choose an item.
Commission Districts Affected
All Districts ☒
District 1 ☐
District 2 ☐
District 3 ☐
District 4 ☐
District 5 ☐
District 6 ☐
Is this a purchasing item?
No
Summary & Background (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: This reporting is being provided to meet the quarterly reporting requirement for monetary transfers among budget funds per Board Resolution #09-1262. The General Fund had no Intrafund Borrowings outstanding from any other County Fund as of December 31, 2020. An Intrafund borrowing occurs when the general fund balance goes negative utilizing a positive excess cash position from another fund at the County to cover operating cash flow needs. These borrowings are then tracked daily, interest I imputed daily, and principal and interest are paid back before the close of the fiscal year.
See attached reporting of all funds that had negative cash position as of 12-31-2020 and had a borrowing position from the County’s General Fund. The high negative balance in the Board of Health Fund was due to timing issue in posting the transactions, but has since been taken care of.
Community Impact: None.
Department Recommendation: None.
Project Implications: None.
Community Issues/Concerns: None.
Department Issues/Concerns: None.