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Adopt a resolution authorizing the County Treasurer to transfer up to 85% of FY2024/25 anticipated property tax revenues from Treasury Pool funds to local school districts, if requested by a district, as authorized under California Constitution Article XVI section 6 from July 1, 2024 to April 28, 2025
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
It is recommended that the Board of Supervisors adopt a resolution authorizing the County Treasurer to transfer up to 85% of FY2024/25 anticipated property tax revenues from Treasury Pool funds to local school districts, if requested by a district, as authorized under California Constitution Article XVI section 6 from July 1, 2024 to April 28, 2025.
SUMMARY:
In accordance with California Constitution Article XVI, section 6, the County Treasurer will make mandatory advances of up to 85% of anticipated property tax revenues accruing to local school districts during FY2024/25 as required and requested to cover any cash deficits they may experience in meeting their operational requirements. All advances will be repaid prior to April 28, 2025 as required by law.
The attached resolution will enable the various local school districts to fulfill their educational mandates by providing them with a stable source of required operational cash from July 1, 2024 through the last Monday in April of 2025, while keeping the County in compliance with all applicable mandatory statutes. Transfers will be payable with interest at the rate the County applies to funds of the districts on deposit with the County.
The anticipated amount of property tax revenues for each local district is determined by the County Auditor-Controller. At the request of a district by resolution, the Treasurer will advance up to 85% of the anticipated property tax revenues accruing to the requesting district.
FINANCIAL IMPACT:
The Constitutional transfers o...
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