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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 11, 2021 <br />SUBJECT: Interfund Borrowing — Fiscal Year 2020/2021 <br />FROM: Kristin Daniels <br />Director, Office of 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 />the funds below: <br />Interf ind 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. Staff is requesting <br />approval from the Board of County Commissioners for interfund borrowing in the funds listed <br />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 />Elissa Nagy, Finance Director <br />47 <br />Fiscal Year <br />Fiscal Year <br />Due from Fund <br />Due to Fund <br />2019/20 <br />2020/21(Est.) <br />Metropolitan Planning <br />General Fund - 001 <br />$75,000 <br />$85,000 <br />Organization (MPO) - 124 <br />Federal/State Grants Fund - 136 <br />General Fund — 001 <br />$6,000 <br />$7,000 <br />Interf ind 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. Staff is requesting <br />approval from the Board of County Commissioners for interfund borrowing in the funds listed <br />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 />Elissa Nagy, Finance Director <br />47 <br />