DATE: December 15, 2015
TO: Board of Supervisors
SUBMITTED BY: Vicki Crow, CPA
Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Cash Advance Agreement between County of Fresno, County of Tulare and San Joaquin Valley Insurance Authority for its cash flow needs
RECOMMENDED ACTION(S):
TITLE
1. Adopt a Resolution authorizing (a) the advance of cash up to the amount of $2,000,000 from the County of Fresno General Fund to the San Joaquin Valley Insurance Authority (SJVIA) until June 30, 2016, as needed, and the request to be repaid by the SJVIA not later than December 30, 2017, to assist the SJVIA in managing its cash flow, and (b) the Auditor-Controller/Treasurer-Tax Collector, the Director of Personnel Services, and County Counsel, including their designees, to negotiate for the terms and conditions of a proposed Cash Advance and Repayment Agreement with the appropriate party or parties, which proposed agreement would be presented to the Fresno County Board of Supervisors for its requested approval at a future date;
2. Adopt a Resolution authorizing the decrease in the FY 2015-16 General Fund unassigned fund balance in the amount of $2,000,000, and a corresponding increase in FY 2015-16 General Fund, SJVIA Cash Advance Receivable, to fund the County of Fresno's cash advance to the SJVIA (4/5 vote); and
3. Approve and authorize the Chairman to execute the revised Amended and Restated Joint Exercise of Powers Agreement Creating the San Joaquin Valley Insurance Authority, including any additional revisions thereto that may be approved by the Director of Personnel Services which are, in his or her determination, consistent with the Resolution in Recommended Action #1 and in the best interest of Fresno, subject to the approval of the Auditor-Controller/Treasurer-Tax Collector as to accounting form, of County Counsel as to legal form.
REPORT
This Agenda Item recommends that the County of Fresno (Fresno) would make available and may advance...
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