HomeMy WebLinkAboutMINUTES - 05241988 - 2.4 "`004
TO: BOARD OF SUPERVISORS
FROM: J. MICHAEL WALFORD, PUBLIC WORKS DIRECTOR
DATE: May 17, 1988
SUBJECT: Advance Funds to Flood Control Zones 3B and 7 and
Drainage Area 73 , Against Outstanding State
Reimbursements, North Richmond and Walnut Creek
Specific Request(s) or Recommendation(s) & Background &
Justification
I. RECOMMENDATION
AUTHORIZE the County Auditor-Controller to advance funds to Flood
Control Zones 3B and 7 and Drainage Area 73 , against outstanding
funds owed these entities by the State Department of Water
Resources under the State' s Federal Flood Control Project
Subvention Program. Advanced funds shall bear interest to the
County commensurate with current yield on County deposits.
II. FINANCIAL IMPACT
Currently, the State Department of Water Resources has $1, 260, 000
in outstanding, unpaid invoices owed to the above entities for
Federal Flood Control Project rights of way and relocation
costs . It is estimated that the amount of outstanding
reimbursement will increase at least $2 , 000, 000 by June 30, 1988 .
The amount of funds to be advanced is expected to be less than
$700, 000 for a period of 90 days. The County cost for the
advances will be covered by the interest payments.
Continued on attachment: X yes signature: we .
Recommendation of County Administrator
Recommendation of Board Committee
Approve Other:
Signature(s) :
Action of Board on: MAY 2 41988
Approved as Recommended_ Other
Vote of Supervisors I HEREBY CERTIFY THAT THIS IS
A TRUE AND CORRECT COPY OF AN
Unanimous (Absent ) ACTION TAKEN AND ENTERED ON
Ayes: Noes: THE MINUTES OF THE BOARD OF
Absent: Abstain: SUPERVISORS ON DATE SHOWN.
Attested MAY 2 4 1988
Orig. Div. :Public Works (FC) PHIL BATCHELOR,
cc: County Administrator CLERK OF THE BOARD
County Counsel OF SUPERVISORS AND
Auditor/Controller COUNTY ADMINISTRATOR
Public Works:
Accounting
Flood Control
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III. REASONS FOR RECOMMENDATION/BACKGROUND
The three entities having Federal Flood Control Projects have a
cash flow problem when the amount of needed expenditures are high
and the amount of unpaid claims are also high. The funds
advanced by the County will at all times be secured by the
outstanding claims , payable by the State Department of Water
Resources.
IV. CONSEQUENCES OF NEGATIVE ACTION
Failure to receive credits for outstanding claims will require
Postponing other Flood Control District projects to generate the
necessary cash.