Department
Finance
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. (ACKNOWLEDGED)
ITEM REMOVED FROM THE CONSENT AGENDA FOR SEPARATE CONSIDERATION AS REQUESTED BY VICE CHAIR HALL
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Requirement for Board Action (Cite specific Board policy, statute or code requirement)
Board Resolution #09-1262
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Strategic Priority Area related to this item (If yes, note strategic priority area below)
Open and Responsible Government
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
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 March 31, 2021. 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 is 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 3-31-2021 and had a borrowing position from the County’s general fund.
Scope of Work: None
Community Impact: None
Department Recommendation: None
Project Implications: None
Community Issues/Concerns: None
Department Issues/Concerns: None