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0 <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: September 26, 2022 <br />SUBJECT: Interfund Borrowing — Fiscal Year 2021/2022 <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 tnd borrowing is necessary in most funds due to the fact that the County is awaiting <br />reimbursement from the State or Federal government for various grant eligible expenditures. <br />Borrowing in the Fleet Fund is necessary to cover the deficit cause by the substantial repair cost <br />of the fuel canopy. Staff is requesting approval from the Board of County Commissioners for <br />interfund borrowing in the funds listed above as well as other funds as necessary. <br />On January 15, 2019 the Board of County Commissioners approved $1,300,000 of the first two <br />years of the Amended and Restated Facility Lease Agreement with Major League Baseball to be <br />funded with Tourist Tax/Cash Forward — Oct 1St. Since the lease year began on January 15, 2019, <br />instead of the beginning of the fiscal year, an inter -fund loan of $201,024 was made from the <br />Tourist Tax Fund to cover the lost revenue from the portion of the fiscal year that had already <br />past. Because of the negative impact COVID-19 had on tourism, the first-year shortfall <br />($201,024) as well as the $650,000 second -year contribution were reversed, and reclassified as <br />an interfund loan between Optional Sales Tax and the Jackie Robinson Training Complex Fund. <br />15 <br />Fiscal Year <br />Fiscal Year <br />Due from Fund <br />Due to Fund <br />2020/21 <br />2021/22 Est. <br />Metropolitan Planning <br />General Fund - 001 <br />$85,000 <br />$90,000 <br />Organization (MPO) - 124 <br />Beach Restoration Fund - 128 <br />General Fund — 001 <br />$0 <br />$5,750,000 <br />Community Development Block <br />Grant (CDBG) - 129 <br />General Fund - 001 <br />$0 <br />$50,000 <br />Federal/State Grants Fund - 136 <br />General Fund — 001 <br />$7,000 <br />$7,000 <br />Fleet Fund - 501 <br />General Fund — 001 <br />$0 <br />$35,000 <br />Interf tnd borrowing is necessary in most funds due to the fact that the County is awaiting <br />reimbursement from the State or Federal government for various grant eligible expenditures. <br />Borrowing in the Fleet Fund is necessary to cover the deficit cause by the substantial repair cost <br />of the fuel canopy. Staff is requesting approval from the Board of County Commissioners for <br />interfund borrowing in the funds listed above as well as other funds as necessary. <br />On January 15, 2019 the Board of County Commissioners approved $1,300,000 of the first two <br />years of the Amended and Restated Facility Lease Agreement with Major League Baseball to be <br />funded with Tourist Tax/Cash Forward — Oct 1St. Since the lease year began on January 15, 2019, <br />instead of the beginning of the fiscal year, an inter -fund loan of $201,024 was made from the <br />Tourist Tax Fund to cover the lost revenue from the portion of the fiscal year that had already <br />past. Because of the negative impact COVID-19 had on tourism, the first-year shortfall <br />($201,024) as well as the $650,000 second -year contribution were reversed, and reclassified as <br />an interfund loan between Optional Sales Tax and the Jackie Robinson Training Complex Fund. <br />15 <br />