HomeMy WebLinkAboutMINUTES - 02042014 - C.12RECOMMENDATION(S):
ADOPT Resolution No. 2014/37 approving interest rates of 0.3 percent per annum for funds of various drainage
entities deposited to or loaned from the Flood Control District Revolving Fund, Countywide.
FISCAL IMPACT:
The Flood Control District Revolving fund will recognize a benefit as interest rates have decreased significantly.
BACKGROUND:
The Contra Costa County Flood Control and Water Conservation District has a Revolving Fund that allows
underfunded entities to temporarily borrow funds from entities with surplus funds in order to proceed with necessary
work. The interest rate for the Revolving Fund loans has historically been set by the Board to be the same as the
County Treasurer’s interest rate received for similar types of investments. The recent economic climate has allowed
interest rates to decrease significantly, and the Flood Control District Revolving Fund should lower the interest rates
accordingly. The interest rates were last lowered in 2003 to 2.52 percent per annum by Board action.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 02/04/2014 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Tim Jensen (925) 313-2390
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED: February 4, 2014
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Stacey M. Boyd, Deputy
cc: D. Twa, CAO, B. Campbell, Auditor-Controller, L. Watters, Auditor-Controller's Office, S. Kowalewski, Deputy Chief Engineer, M. Carlson, Flood
Control, W. Quever, Finance, T. Jensen, Flood Control, C. Windham, Flood Control
C. 12
To:Contra Costa County Flood Control District Board of Supervisors
From:Julia R. Bueren, Public Works Director/Chief Engineer
Date:February 4, 2014
Contra
Costa
County
Subject:Set Flood Control District Revolving Fund Deposit and Loan Interest Rates, Countywide. (100% Flood Control
Revolving Funds) Project No. 7505-6F8232
BACKGROUND: (CONT'D)
Staff recommends that the interest rates for current and future loans be lowered to 0.3 percent per annum to match
the rate received for similar types of investments made by the County as determined by the County Treasurer. The
effective date requested is the beginning of fiscal year 2013-14 and is for a 5-year period.
CONSEQUENCE OF NEGATIVE ACTION:
If this action is not approved, the Flood Control District Revolving Fund will continue to charge excessive interest
rates on its loans.
CHILDREN'S IMPACT STATEMENT:
Not applicable.
ATTACHMENTS
Resolution No. 2014/37