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Approve a resolution authorizing the transfer of up to 85% of FY2019/20 anticipated revenues from the Treasury Pool funds to the Dixon Unified School District (DUSD) 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 up to 85% of FY2019/20 anticipated revenues from the Treasury Pool funds to the Dixon Unified School District (DUSD) as mandated under Article XVI Section 6 of the California Constitution from July 1, 2019 to April 27, 2020.
SUMMARY:
In accordance with Article XVI, Section 6 of the California Constitution, the County Treasurer will make mandatory advances of up to 85% of anticipated revenues accruing to school districts during FY2019/20 as needed to cover any cash deficits they may experience in meeting their operational requirements.
On June 4, 2019 this Board adopted resolution 19-413 authorizing $85.3 million in total constitutional advances for the Benicia, Dixon, Fairfield-Suisun, Vacaville, and Vallejo City unified school districts. The amount of advance authorized for each district was based upon the amount requested by the respective district, so long as the requested amount complied with the 85% of anticipated revenues limit as established by code.
In accordance with DUSD resolution 19-1604, the original requested constitutional advance for the DUSD was set at $4 million of a then estimated $7.9 million in available advance based solely on anticipated property tax revenues and not all anticipated revenues of the district.
Subsequent analysis has determined that the currently approved $4 million in constitutional advance funding may be insufficient for the district's continuing funding needs. To meet their needs, the DUSD adopted resolution ...
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