Agenda

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County Administrator's Report 10. 12.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	11/03/2016
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 $4,000,000, to cover temporary cash shortfalls until Grant reimbursements are received by January 31, 2017; 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 (FTA) system shutdown in September 2016 and conversion to the new TrAMs System during August 2016 with continuing system maintenance/adjustments. The TrAMs System will reopen January 2017 with Grant funds available to repay the interfund loan proceeds back to the General Fund (001) in a time frame not to exceed January 31,2017.

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 (FTA) system shutdown in September 2016 and conversion to the new TrAMs System during August 2016 with continuing system maintenance/adjustments. The TrAMs System will reopen January 2017 with grant funds available to repay the interfund loan proceeds back to the General Fund (001) in a time frame not to exceed January 31,2017.

Timeline below:

Sept 2015 - Shut down TEAM (Old system)
Feb 2016 - Start up TrAMs (New system)
March 2016 - Release date of PIN code (needed to access TrAMs system)
July 2016 - Coordination for actual ability to use PIN (authorization only given to BCC Chair and County Attorney)
August 2016 - Training for new TrAMs system (training required to transmit all open grant applications)
August 2016 - Notification from FTA of Sept shut down of TrAMs system
Sept 2016 - Actual Shut down
Jan 2017 - Re-open

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
FY16 Flex Prev. Maint.
FY15 ADA and Prev. Maint.
FY16 ADA and Prev. Maint.
ECAT Finance Summary