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 - Bear Valley Unified School District
End
RECOMMENDATION(S)
Recommendation
1. Approve and adopt the recommendation of the Auditor-Controller/Treasurer/Tax Collector for temporary transfer of funds to Bear Valley Unified School District in the total amount of $1,402,826, for Fiscal Year 2020-2021, as listed on Attachment A.
2. Adopt Resolution pertaining to the temporary transfer of funds in the custody of the San Bernardino County Treasurer and the necessity for providing such funds for meeting the obligations of the Bear Valley Unified School District (5780), 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 establish a "line-of-credit" in the amount of $1,402,826 for Bear Valley Unified School District (District) to draw on, as needed, to be repaid by April 26, 2021. Approval of this item will not result in the use of additional Discretionary General Funding (Net County Cost); however, San Bernardino County (County) interest earnings will be reduced when the District utilizes the temporary transfer of funds (TTF). Additionally, the District TTF is non-interest bearing and potentially reduces the amount of the County funds available for County use until repayment is completed.
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 42620 of the California Education Code....
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