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7k <br />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 3, 2018 <br />SUBJECT: Interfund Borrowing — Fiscal Year 2017/2018 <br />FROM: Kristin Daniels <br />Acting Budget Manager <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 />the fund below: <br />Interfund borrowing is necessary due to the fact that the County is awaiting reimbursement from <br />the State or Federal government for various grant eligible expenditures. <br />Staff is requesting approval from the Board of Commissioners for interf ind borrowing in the <br />fund listed above as well as other funds as necessary. <br />Staff Recommendation <br />Staff recommends approval for interfund borrowing as necessary to cover any cash deficits of <br />individual funds that may occur. <br />Distribution: <br />Edward Halsey, Internal Auditor, Finance <br />160 <br />Fiscal Year <br />Fiscal Year <br />Due from Fund <br />Due to Fund <br />2016/17 <br />2017/18 (Est.) <br />Metropolitan Planning <br />Organization (MPO) - 124 <br />General Fund - 001 <br />$175,000 <br />$100,000 <br />Interfund borrowing is necessary due to the fact that the County is awaiting reimbursement from <br />the State or Federal government for various grant eligible expenditures. <br />Staff is requesting approval from the Board of Commissioners for interf ind borrowing in the <br />fund listed above as well as other funds as necessary. <br />Staff Recommendation <br />Staff recommends approval for interfund borrowing as necessary to cover any cash deficits of <br />individual funds that may occur. <br />Distribution: <br />Edward Halsey, Internal Auditor, Finance <br />160 <br />