Laserfiche WebLink
CONSENT AGENDA <br /> INDIAN RIVER COUNTY <br /> INTER-OFFICE MEMORANDUM <br /> OFFICE OF MANAGEMENT AND BUDGET <br /> TO: Members of the Board of Count), Commissioners <br /> DATE: October 9, 2013 <br /> SUBJECT: INTERFLND BORROWING <br /> FROM: Jason E. Brown <br /> Director, Management & Budget <br /> At the end of the fiscal year, it occasionally becomes necessary to cover cash deficits in <br /> individual funds with interfund borrowing. Staff anticipates the need for interfund borrowing in <br /> a few funds as shown below: <br /> Fiscal Year Fiscal Year <br /> Due from Fund Due to Fund 2011/12 2012/13 (Est.) <br /> CDBG/Neighborhood General Fund - 001 $56,000 $5,000 <br /> Stabilization Plan (NSP) - 129 <br /> CDBG/Neighborhood General Fund - 001 $0 $65,000 <br /> Stabilization Plan 3 (NSP) - 130 <br /> Metropolitan Planning <br /> Organization (MPO) - 124 General Fund - 001 $157,500 $370,000 <br /> Federal/State Grants Fund - 136 General Fund—001 $6,000 $4,000 <br /> Fleet Management Fund - 501 General Fund - 001 $225,000 $310,000 <br /> Sandridge Golf Course - 418 Secondary Roads - 109 $255,000 $0 <br /> In most cases, the interfund borrowing is necessitated due to the fact that the County is awaiting <br /> reimbursement from the State or Federal government for various grant eligible expenditures. <br /> This is the case for the NSP Funds where grant expenditures have occurred and reimbursement <br /> revenues have not been received yet. Likewise, the MPO and Federal and State Grants funds are <br /> awaiting grant reimbursement for expenditures that were incurred previously. A similar situation <br /> occurs in Fleet Management. This department bills County departments and outside agencies for <br /> work completed in the previous months. Due to the lag times, there is a cash deficit in the fund <br /> periodically. <br /> In the case of the golf course, this borrowing was needed due largely to cash flow deficits in <br /> previous years. As shown in the table, this interfund loan has been paid off as of September 30, <br /> 2013. Please note this amount does not include the interfund loan approved by the Board of <br /> County Commissioners on August 20, 2013 to call the Series 2003 Recreational Revenue Bonds <br /> outstanding in the amount of$1,565,000. This amount will be repaid to the General Fund over <br /> the next three years according to the debt service schedule approved by the Board of County <br /> Commissioners. <br /> 20 <br />