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ADMINISTRATION / AUDITOR-CONTROLLER / TREASURER-TAX COLLECTOR - Chief Administrator Gabriel Hydrick
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Requested Action(s)
recommendation
a) INFORMATIONAL PRESENTATION - To provide the Board with information regarding County Cash Balance, current process, and best practices that need to be implemented
b) Request direction from the Board on actions necessary to move forward
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Financial Impact:
Due to state mandated programs and delayed payments from the State, the County has been put in a position where General Fund is paying negative interest on behalf of some county departments and back end borrowing in the last seven years. The General Fund has been impacted in the amount of $918,776.
Background Information:
Current practice of back end borrowing from the General Fund for state mandated programs is not best practice. Following extensive collaboration with the Auditor’s Office, Treasure/Tax Collectors, Administration Office, and our Debt Advisor counsel, we have identified solutions that aligned better with industry best practices and serve the best interests of the county’s General Fund.