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Approve a resolution authorizing the transfer of up to 85% of FY2017/18 anticipated tax revenues from the Treasury Pool funds to the Collinsville Levee District as mandated under Article XVI Section 6 of the California Constitution
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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 approve a resolution authorizing the transfer of 85% of FY2017/18 anticipated tax revenues from the Treasury Pool funds to Collinsville Levee District under Article XVI Section 6 of the California Constitution from July 1, 2017 to April 30, 2018.
SUMMARY:
Various State mandates require the County, using available fund balances, or the County Treasurer, using pooled funds, to provide temporary funding to local districts in order to cover any cash deficits they may experience in meeting their operational requirements. The applicability of each mandate is dependent upon the type of district to be covered, the portion of time to be covered, and the availability of funds not immediately needed to pay claims against the funds. The attached resolution will enable the Collinsville Levee District to fulfill their water and flood control mandates by providing them with a stable source of required operational cash from July 1, 2017 to April 30, 2018, 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.
In accordance with Article XVI, Section 6 of the California Constitution, the County Treasurer will make a mandatory advance of up to 85% of anticipated property tax revenues accruing to the Collinsville Levee District during FY2017/18 as need. The advance will be repaid prior to April 30, 2018 as required by law. While the mandate allows for the advancement of 100% of all funds, County policy is to reque...
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