Memorandum
Date: February 27, 2024
To: The Honorable Lake County Board of Supervisors
From: Susan Parker, County Administrative Officer
Stephen Carter, Assistant County Administrative Officer
Subject: Adopt Resolution to Establish Fund 427 - Kelseyville Seniors, Inc. (KSI) Trust
Executive Summary:
On December 19, 2023, your board approved the purchase and subsequent lease of the Kelseyville Seniors Inc. (KSI) property located on Assessor's Parcel No. 024-083-060-000 also known as the KSI property for $117,795 which entered into escrow on December 22, 2023.
Per the purchase agreement staff presents the Resolution today to create Fund 427 KSI Trust. Fund 427 is hereby established as a trust fund in the County Treasury where KSI's proceeds from the sales will be deposited.
All KSI's purchase proceeds from this transaction shall be held in interest bearing trust fund No. 427 Kelseyville Seniors, Inc. Funds from the trust are to be used solely for senior center related costs and funds are to be held in accounts managed by the Administration Office to ensure proper tracking and fiscal compliance on behalf of KSI.
To access these funds, KSI will need to submit invoices and request to the County Administrative Officer who is designated as the administrator of Fund 427 and shall perform the fiscal duties and responsibilities of the newly established fund, ensuring compliance as required by Board of Supervisors direction and County policy.
If not budgeted, fill in the blanks below only:
Estimated Cost: ________ Amount Budgeted: ________ Additional Requested: ________ Future Annual Cost: ________
Purchasing Considerations (check all that apply): ? Not applicable
? Fully Article X.- and/or Consultant Selection Policy-Compliant (describe process undertaken in "Executive Summary")
? Section 2-38 Exemption from Competitive Bidding (rationale in "Executive Summary," attach documentation, as needed)
? For Technology Purchases: Vetted and Supported by the Tec...
Click here for full text