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Approve a resolution authorizing the transfer of up to 85% of FY2019/20 anticipated tax revenues from the Treasury Pool funds to local school districts as mandated under Article XVI Section 6 of the California Constitution from July 1, 2019 to April 27, 2020
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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 FY 2019/20 anticipated tax revenues from the Treasury Pool funds to local school districts under Article XVI Section 6 of the California Constitution from July 1, 2019 to April 27, 2020.
SUMMARY:
Various State mandates require the County, using available fund balances, or the County Treasurer, using Pooled Funds, to provide temporary funding to the local school 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 requesting of funds does not indicate an actual or anticipated revenue shortfall from the respective requesting district. Funding requests are intended to function as a temporary funding line of credit that the district may choose to access should they experience delays in the timing of anticipated funding.
The attached resolution will enable the requesting local school districts to fulfill their educational mandates by providing them with a stable source of available operational cash from July 1, 2019 to the last Monday in April of 2020, 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 t...
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