Memorandum
Date: July 9, 2024
To: The Honorable Bruno Sabatier, Chair, Lake County Board of Supervisors
From: Jesus Salmeron, Special Districts Deputy Administrator - Fiscal
Subject: (Sitting concurrently as the CSA #2 Board of Supervisors and Lake County Sanitation District - Board of Directors) Adopt Resolution revising the Fiscal Year 2023-2024 Adopted Budget of the County of Lake authorizing cancellation of fund 254 Lake County Sanitation District SE Regional O&M reserve account in the amount of $2,000,000.00 to provide a short term loan to County Service Area #2, Spring Valley.
Executive Summary:
Attached for your review is a Resolution cancelling Fund 254 Lake County Sanitation District SE O&M Reserve Designation in the amount of $2,000,000 to provide a short term loan to CSA #2. Spring Valley. The amount would be appropriated to Fund 262 Object Code 784.63-02 Construction in Progress-Bridges for construction portion of the Bridge Construction Project- North Fork.
The Bridge Construction Project- North Fork Cache Bridge has been an ongoing Construction in Progress Project where the project has been in the design phase and a construction contract was signed on September 26th, 2023 and is fully grant funded. Spring Valley will receive grant revenue from the Federal Highway Administration via a Pass-Through from the California Dept. of Transportation. CSA #2 has insufficient funds to cover the construction invoices due to grant reimbursement occurring after expenditures are made, that must be resolved to continue to pay the contractor. CSA #2 has requested a short-term loan from LACOSAN-SE Regional Sewer in the amount of $2,000,000 to be paid back within 12 months and returned to its original Reserve.
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Estimated Cost: __________ Amount Budgeted: _________ Additional Requested: ________ Future Annual Cost: ________
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