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 amount 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)
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
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 Intra Fund Borrowings outstanding from any other County Fund as of September 30, 2022. An Intra Fund 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 09-30-2022 and had a borrowing position from the County’s general fund.
Scope of Work: NA
Community Impact: NA
Department Recommendation: NA
Project Implications: NA
Community Issues/Concerns: NA
Department Issues/Concerns: NA