10/20/2020 (3) - Laserfiche WebLink

Home Browse Search

m CONSENT AGENDA INDIAN RIVER COUNTY INTER -OFFICE MEMORANDUM OFFICE OF MANAGEMENT AND BUDGET TO: Members of the Board of County Commissioners DATE: October 12, 2020 SUBJECT: Interfund Borrowing and Interfund Loan — Fiscal Year 2019/2020 FROM: Kristin Daniels Director, Office of Management & Budget At the end of the fiscal year, it occasionally becomes necessary to cover cash deficits in individual funds with interfund borrowing. Staff anticipates the need for interfund borrowing in the funds below: Interfund borrowing is necessary due to the fact that the County is awaiting reimbursement from the State or Federal government for various grant eligible expenditures. Staff is requesting approval from the Board of County Commissioners for interfund borrowing in the fund listed above as well as other funds as necessary. On January 15, 2019 the Board of County Commissioners approved $1,300,000 of the first two years of -the Amended and Restated Facility Lease Agreement with Major League Baseball to be funded with Tourist Tax/Cash Forward — Oct 1St. Because of the negative impact COVID-19 has had on tourism, staff is proposing the second -year contribution be reversed, and reclassified as an interfund loan between Optional Sales Tax and the Jackie Robinson Training Complex Fund. This $650,000 loan will be paid back incrementally to Optional Sales Tax as the fund is able to do so at fiscal year-end. No budgetary accounts will be impacted by this entry. Staff Recommendation Staff recommends approval for interfund borrowing as necessary to cover any cash deficits of individual funds that may occur. Staff also recommends that the current $650,000 interfund loan between the Tourist Tax Fund and the Jackie Robinson Training Complex Fund be reversed and charged to the Optional Sales Tax Fund. 103 Fiscal Year Fiscal Year Due from Fund Due to Fund 2018/19 2019/20 Est. Metropolitan Planning General Fund - 001 $85,000 $95,000 Organization (MPO) - 124 Federal/State Grants Fund - 136 General Fund — 001 $5,000 $7,500 Interfund borrowing is necessary due to the fact that the County is awaiting reimbursement from the State or Federal government for various grant eligible expenditures. Staff is requesting approval from the Board of County Commissioners for interfund borrowing in the fund listed above as well as other funds as necessary. On January 15, 2019 the Board of County Commissioners approved $1,300,000 of the first two years of -the Amended and Restated Facility Lease Agreement with Major League Baseball to be funded with Tourist Tax/Cash Forward — Oct 1St. Because of the negative impact COVID-19 has had on tourism, staff is proposing the second -year contribution be reversed, and reclassified as an interfund loan between Optional Sales Tax and the Jackie Robinson Training Complex Fund. This $650,000 loan will be paid back incrementally to Optional Sales Tax as the fund is able to do so at fiscal year-end. No budgetary accounts will be impacted by this entry. Staff Recommendation Staff recommends approval for interfund borrowing as necessary to cover any cash deficits of individual funds that may occur. Staff also recommends that the current $650,000 interfund loan between the Tourist Tax Fund and the Jackie Robinson Training Complex Fund be reversed and charged to the Optional Sales Tax Fund. 103