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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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Controller
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DATE:
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May 2, 2008
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BOARD MEETING DATE:
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June 3, 2008
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SPECIAL NOTICE/HEARING:
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None
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VOTE REQUIRED:
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Majority
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TO:
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Honorable Board of Supervisors
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FROM:
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Tom Huening, Controller
Jean K. Holbrook, County Superintendent of Schools
Lee Buffington, Tax Collector-Treasurer
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SUBJECT:
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Resolution Authorizing Temporary Transfer of Available Funds to County Operating Funds, the Superintendent of Schools, County Board of Education and School Districts
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RECOMMENDATION:
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Adopt a resolution to provide for the temporary transfer of available funds to the County operating funds, the County Superintendent of Schools, County Board of Education and the School Districts.
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VISION ALIGNMENT:
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Commitment: Responsive, effective, and collaborative government. The temporary transfer of available funds to the County operating funds, schools service funds and school district operating funds provides stability to the schools in our County.
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Goal(s): This Resolution upholds Goal Number 22: County and local governments effectively communicate, collaborate and develop strategic approaches to issues affecting the entire County.
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BACKGROUND:
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Each year after July 1, certain funds experience a cash-flow problem pending the receipt of real property taxes. A new resolution is necessary to allow the flexibility needed to finance the needs of the County, the Superintendent of Schools, County Board of Education and the School Districts for FY 2008-09, because Resolution No. 068745 passed and adopted June 5, 2007, by its own terms expires on June 30, 2008.
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DISCUSSION:
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Each year after July 1, certain funds do not have sufficient cash to cover their expenditures. It has been the practice of the County Board of Supervisors to permit the cash accounts of these funds to become negative pending receipt of property tax apportionments later in the year. We recommend that the Board of Supervisors again adopt a resolution to allow the flexibility needed to finance the needs of the County, the Superintendent of Schools, County Board of Education and the School Districts for FY 2008-09 to June 30, 2009.
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FISCAL IMPACT:
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There is no fiscal impact to the County. Interest is charged to sub-funds that run negative cash balance by way of negative interest apportionment.
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