Item C39 BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: September 21, 2012 Division: County Administrator
Bulk Item: Yes X No Department: Office of Management& Budget
Staff Contact Person/Phone#: Tina Boan X4472
AGENDA ITEM WORDING:
Approval to advance up to $1.2 million dollars as needed for cash flow purposes from the General
Fund 001, to the Governmental Fund Type Grants, Fund 125 .
ITEM BACKGROUND:
Cash flow is needed in the grant fund to cover costs until such time as those funds expensed are
reimbursed to us. This transaction entry is only recorded in the balance sheet: therefore, there is no
budget impact and the intent is for the grant fund to return the advance borrowed in the short term
which would be by 12/30/12.
PREVIOUS RELEVANT BOCC ACTION:
N/A
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATIONS: Approval, there is currently a$300,000.00 dollars payment
pending to Village of Islamorada related to the Energy grant. We are anticipating reimbursement from
the State of Florida in the amount of$800K.
TOTAL COST: Short Term Loan BUDGETED: Yes No
COST TO COUNTY: N/A SOURCE OF FUNDS: General Fund 001
REVENUE PRODUCING: Yes No X AMOUNT PER MONTH Year
APPROVED BY: County Atty X !,+: ' •rc asing X Risk Management N/A
DOCUMENTATION: Included X Not Required
DISPOSITION: AGENDA ITEM # Add-on G3C?
• •>
"~! ' BOARD OF COUNTY COMMISSIONERS
Mayor David Rice, District 4
.mom' II:,I Mayor Pro Tern Kim Wigington, District 1
C .
0 N TY 'M O N RO E '' George Neugent,District 2
'4° Heather Carruthers,District 3
KEY WEST FLORIDA 33040 r /!,
(305)294-4641 ,„1•.1 '1 Sylvia J. Murphy,District 5
mit .-7
Office of Management&Budget
1100 Simonton Street, Rm 2-213
Key West, FL 33040 ,
(305)292-4472 Phone --T' rh.
(305)292-4515 Fax
MEMORANDUM
Date: September 17, 2012
To: Board of County Commissioners
From: Tina Boan, Sr. Budget Director
Re: Short Term Loan
This item is a short term loan which will provide adequate cash flow until reimbursements can be received
from the grantors.
The grant fund provides for the accounting of programs that are supported by federal and State funding and
primarily operate on a reimbursement basis..There are cash flow issues as a result of the timing gaps between
the dates we actually payout monies for expenses incurred and .the filing of and receipt of cash
reimbursements from the granting agencies.
There is no budget impact for this advance as we do anticipate receiving revenue to reimburse us for these
expenses. The intention is to return the advance borrowed in the short term which would be by 12/30/12.
Staff recommends that the Board approve the request, if you have questions please contact me at extension
4472.