REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
June 23, 2020
FROM
ENSEN MASON, Auditor-Controller/Treasurer/Tax Collector
SUBJECT
Title
Temporary Transfer of Funds - Barstow Fire Protection District
End
RECOMMENDATION(S)
Recommendation
1. Approve and adopt the recommendation of the Auditor-Controller/Treasurer/Tax Collector for temporary transfer of funds to Barstow Fire Protection District in the total amount of $2,000,000, as listed on Attachment A.
2. Adopt Resolution pertaining to the temporary transfer of funds to Barstow Fire Protection District, as listed on Attachment A.
(Presenter: Tori Roberts, Assistant Auditor-Controller/Treasurer/Tax Collector, 382-7005)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
Pursue County Goals and Objectives by Working with Other Agencies.
FINANCIAL IMPACT
Approval of this item will not result in the use of additional Discretionary General Funding (Net County Cost). Approval of the temporary transfer of funds (TTF) to Barstow Fire Protection District (District) will result in $2,000,000 of pooled funds of the San Bernardino County (County) Treasury being unavailable for County use. The funds will be repaid, beginning with the first property tax apportionment in November 2020, until the amount is paid in full.
BACKGROUND INFORMATION
The Auditor-Controller/Treasurer/Tax Collector (ATC) has received a request from the District for a TTF, in accordance with the provisions of Article XVI, Section 6 of the California Constitution and Section 23010 of the California Government Code. These provisions authorize the County Treasurer, upon approval by the Board of Supervisors, to execute a TTF to allow a District to meet its obligations. The provisions require the District to pay interest on all funds borrowed at the same rate that the County applies to funds on deposit with the County, and to maintain its funds as they become available in the County’s custody.
The District has requested a TTF in the amount of $2,000,000, as listed on Attachment A. ATC has considered several factors, including the District’s deepest projected cash deficit and the anticipated property tax revenue that will accrue to the District in arriving at its recommendation. Upon review of the District’s cash needs, ATC finds the District to have satisfactorily demonstrated a reasonable need for a TTF and recommends a TTF totaling $2,000,000, which represents approximately 49% of the District’s total property tax revenue anticipated for 2020-21.
As required by Government Code Section 23010, the TTFs do not exceed 85% of the District’s anticipated property tax revenue for the fiscal year and shall be repaid from property tax apportionments before any other obligations of the District are paid. Repayment shall be made no later than December 29, 2020.
PROCUREMENT
N/A
REVIEW BY OTHERS
This item has been reviewed by County Counsel (Robert F. Messinger, Principal Assistant County Counsel, 387-5455) on June 8, 2020; Finance (Carl Lofton, Administrative Analyst, 387-5404) on June 9, 2020; and County Finance and Administration (Robert Saldana, Deputy Executive Officer, 387-5423) on June 9, 2020.