COUNTY OF SAN MATEO

Inter-Departmental Correspondence

Controller's Office

 

DATE:

May 14, 2004

BOARD MEETING DATE:

June 8, 2004

 
   

TO:

Honorable Board of Supervisors

   

FROM:

Tom Huening, Controller

John Mehl, County Superintendent of Schools

Lee Buffington, Tax Collector-Treasurer

   

SUBJECT:

Resolution Authorizing Temporary Transfer of Funds

 

Recommendation

Adopt resolution to provide for the temporary transfer of available funds to the County operating funds, the County Superintendent of Schools, and the school districts.

 

Background

Each year after July 1st, certain funds experience a cash-flow problem pending the receipt of real property taxes. Because Resolution No. 66082 passed and adopted June 24, 2003 by its own terms expires on June 22, 2004, a new resolution is necessary to allow the flexibility needed to finance the needs of the County, the Superintendent of Schools, and the school districts for 2004-05.

 

Discussion

Each year after July 1st, certain funds experience a cash-flow problem pending the receipt of real property taxes. To cope with this problem, it is important to have the resolution adopted to allow sufficient latitude internally to cover the financing needs with funds available in the County Treasury that can be legally used for this purpose. We hope the Board of Supervisors will again adopt a resolution to allow the flexibility needed to finance the needs of the County, the Superintendent of Schools, and the school districts for 2004-05.

 

Vision Alignment

The temporary transfer of available funds to the County operating funds, schools service funds and school district operating funds, keeps the commitment of responsive, effective, collaborative government and advances Vision Goal Number 22: County and local governments effectively communicate, collaborate and develop strategic approaches to issues affecting the entire County. This collaborative effort provides stability to the schools in our County.

 

Fiscal Impact

It is important to have the resolution adopted to allow sufficient latitude internally to cover the financing needs with funds available to the County Treasury that can be legally used for this purpose. There is no fiscal impact on the County. Interest is charged to sub-funds that run negative cash balance by way of negative interest apportionment.