Meeting Time: September 15, 2020 at 9:00am PDT

Agenda Item

The County's finances are organized in a series of separate funds as required by governmental accounting standards. At times during the course of a year, the cash balances in a fund may be negative as the County awaits for tax payments or distributions of State or federal revenues. For example, the General Fund's cash balances tend to be low in the fall prior to the receipt of the first installment of property tax payments, the Social Services Fund cash balance may be low based on the timing of State payments, and the Community Development Block Grant fund may be low based on the timing of reimbursement based grants. The County has available cash in other funds that can provide for temporary cash flow during the course of the fiscal year. The Chief Administrative Officer, Auditor-Controller and Treasurer-Tax Collector recommend the Board of Supervisors authorize the Auditor-Controller to temporarily transfer cash between funds during the course of the fiscal year to manage cash flow as has been done in past years. All funds must be repaid prior to the close of the fiscal year unless a loan has been approved by the Board of Supervisors to cross fiscal years. (County Administration)