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CONSENT AGENDA <br />INDIAN RIVER COUNTY <br />INTER -OFFICE MEMORANDUM <br />OFFICE OF MANAGEMENT AND BUDGET <br />TO: Members of the <br />Board of County Commissioners <br />DATE: October 18, 2016 <br />SUBJECT: 1NTERFUND BORROWING — FISCAL YEAR 2015/2016 <br />FROM: Michael Smykowski v `r <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 />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 was the case for the NSP Funds where grant expenditures had occurred and reimbursement <br />revenues had not been received yet. Likewise, the MPO and Federal and State Grants funds are <br />awaiting grant reimbursement for expenditures that were incurred previously. <br />Interfund borrowing for the golf course includes the interfund loan for replacement of the <br />irrigation system ($212,500) as well as the remaining balance on the golf cart loan ($213,840). <br />Staff is requesting approval from the Board of Commissioners for interfund borrowing in the <br />funds listed above as well as other funds as necessary. <br />125 <br />Fiscal Year <br />Fiscal Year <br />Due from Fund <br />Due to Fund <br />2014/15 <br />2015/16 Est.) <br />CDBG/ Neighborhood <br />General Fund - 001 <br />$8,000 <br />$0 <br />Stabilization Plan 3 (NSP) - 130 <br />Metropolitan Planning <br />General Fund - 001 <br />$352,000 <br />$275,000 <br />Organization (MPO) - 124 <br />Federal/State Grants Fund - 136 <br />General Fund — 001 <br />$45,000 <br />$13,000 <br />Sandridge Golf Course - 418 <br />TGeneral Fund - 001 <br />$632,093 <br />$516,340 <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 was the case for the NSP Funds where grant expenditures had occurred and reimbursement <br />revenues had not been received yet. Likewise, the MPO and Federal and State Grants funds are <br />awaiting grant reimbursement for expenditures that were incurred previously. <br />Interfund borrowing for the golf course includes the interfund loan for replacement of the <br />irrigation system ($212,500) as well as the remaining balance on the golf cart loan ($213,840). <br />Staff is requesting approval from the Board of Commissioners for interfund borrowing in the <br />funds listed above as well as other funds as necessary. <br />125 <br />