Agenda

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County Administrator's Report 4.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	01/04/2018
Issue: Interfund Loan - Mass Transit
From:	Stephan Hall
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning an Interest-Free Interfund Loan between the General Fund (001) and the Mass Transit Fund (104) - Stephan Hall, Budget Manager, Management and Budget Services

That the Board take the following action:

A. Approve a revolving interfund loan from the General Fund (001) to the Mass Transit Fund (104), in an amount not to exceed $1,500,000, to cover temporary cash shortfalls until Grant reimbursements are received; and

B. Waive all interest payments on any outstanding balance on this revolving interfund loan.

This interfund loan request is necessary due to the Federal Transit Authority releasing the final apportionment of 2017-5307 funds in August 2017 and then shutting down TrAMS in September 2017 for year end. FTA and agencies did not have the time required to process all the Grant Applications for this final apportionment before TrAMS shut down. Grant Applications are in the review process for execution.

BACKGROUND:

This Board action will allow a temporary cash loan to be made from the General Fund to the Mass Transit Fund on an as-needed basis; loan proceeds are then repaid when FTA Grant funds are received.

This interfund loan request is necessary due to the Federal Transit Authority releasing the final apportionment of 2017-5307 funds in August 2017, and then shutting down TrAMS in September 2017 for year end. FTA and agencies did not have the time required to process all the grant applications for this final apportionment before TrAMS shut down. Grant applications are in the review process for execution.

BUDGETARY IMPACT:

N/A

LEGAL CONSIDERATIONS/SIGN-OFF:

N/A

PERSONNEL:

N/A

POLICY/REQUIREMENT FOR BOARD ACTION:

The Board must approve interfund loans.

IMPLEMENTATION/COORDINATION:

N/A

Attachments
ECAT Interfund Loan Backup