4/19/1978 (2) - Laserfiche WebLink

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t ON MOTION BY COMMISSIONER Loy, SECONDED BY COMMISSIONER i SIEBERT, THE BOARD UNANIMOUSLY APPROVED RENEWAL APPLICATION FOR A PERMIT TO CARRY A CONCEALED FIREARM OF GILBERT SWIGER AND J. RONNIE GRICE. THE BOARD DISCUSSED BUDGET AMENDMENTS RECOMMENDED BY THE CLERK IN REGARD TO INCREASING CONTINGENCY RESERVES AND ASKED THE INTER- GOVERNMENTAL COORDINATOR IF HE HAD REVIEWED THESE FIGURES. INTERGOVERNMENTAL COORDINATOR THOMAS STATED THAT HE HAS RE- VIEWED THIS MATTER WITH FINANCE OFFICER BARTON AND BELIEVES THE FIGURES ARE ACCURATE. HE NOTED THAT SINCE THESE FUNDS ARE NO LONGER NEEDED AS COLLATERAL FOR THE LANDFILL BONDS AND WE ARE AT THAT POINT IN THE YEAR WHERE WE ARE BEGINNING TO NEED SOME CONTINGENCY FUNDS, HE WOULD RECOM- MEND THAT THE FUNDS BE TRANSFERRED AS SUGGESTED BY THE CLERK. ON MOTION BY COMMISSIONER Loy, SECONDED BY COMMISSIONER SIEBERT, THE BOARD UNANIMOUSLY APPROVED BUDGET AMENDMENTS AS SET OUT IN MEMO FROM THE CLERK DATED APRIL 19, 1978, AS FOLLOWS: April 19, 1978 TO: THE BOARD OF COUNTY COMMISSIONERS SUBJECT: LANDFILL BOND RESERVE During the time of your original budget preparation you were required to set up a reserve to pay off your landfill construction loan in case the long term financing failed for any reason. You did this by appropriating a Landfill Loan Reserve in your General Fund in the amount of $1,381,320 Including estimated accrued interest. This Reserve was funded by budgeting transfers to the General Fund from the Road E Bridge and Fine b Forfeiture Funds totaling $900,932. In addition, you deferred your appropriation for the Contingency and Cash Forward Reserves in the General Fund and reduced your appropriation for these reserves in the Road b Bridge and _ Fine b Forfeiture Funds. In January, just past, the. construction loan was successfully refinanced with long term revenue bonds and the Landfill Loan Reserve is no longer required. Accordingly, it is recommended that the landfill Loan Reserve be dismantled. There are various combinations and methods P which you might use to accomplish this, but the one that appears to me to be in your best interest is as follows: (a) Increase the Contingency Reserves in all three funds to maximum. (b) Keep $505,151 of the budgeted transfers in the General Fund. (c) Return $78,082 of budgeted transfers to the Road & Bridge Fund and $317,699 to the Fine b Forfeiture Fund. (d) Establish the Cash Forward Reserve (end of year) in the General Fund at the maximum, which is 20 of receipts, and balances or $623,357. Revenue collections in the General Fund are very light in the early months of the fiscal year. (e) Establish the Cash Forward Reserve (end of year) in the Road b Bridge Fund at about 101, or $235,900. The monthly inflow of gasoline taxes and state revenue sharing will permit you to budget at half the maximum. - PIR 19 W-7 z 2