title
Approve an Appropriations Transfer Request to record receipt of $2,617,237 in loan proceeds within the Airport Special Aviation Fund and to transfer $2,617,237 in appropriations from the Airport Special Aviation Fund to the Nut Tree Airport Office Renovation Project and the County T-Hangar Project, for a combined total of $5,234,474, as a technical adjustment to comply with the loan agreement with Caltrans (4/5 vote required)
body
Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The Department of General Services recommends that the Board of Supervisors approve an Approve an Appropriations Transfer Request to record receipt of $2,617,237 in loan proceeds within the Airport Special Aviation Fund and to transfer $2,617,237 in appropriations from the Airport Special Aviation Fund to the Nut Tree Airport Office Renovation Project and the County T-Hangar Project, for a combined total of $5,234,474, as a technical adjustment to comply with the loan agreement with Caltrans (4/5 vote required).
SUMMARY:
The Airport Office Renovation Project and County T-Hangar Project were both funded in part through the Caltrans Aeronautics, Local Airport Loan Program. The loan agreements require that the loan funds be deposited and accounted within the Airport's Special Aviation Fund and transfer to the project budgets to fund project expenses; and that the Airport's Special Aviation Fund subsequently be used to account for loan payments.
FINANCIAL IMPACT:
The loan from Caltrans for the T-Hangar Project (BU 9019) was for $1,857,313. The loan on the Office Renovation Project (BU 9016) was for $759,924. The loan funds were identified in each of the FY2018/19 project budgets as revenue under Long-Term Debt Proceeds. As a result of the loan agreements requiring the loan proceeds be deposited and accounted within the Airport's Special Aviation Fund (BU 9051), the requested technical adjustment is...
Click here for full text