Agenda Item Name:
Title
Inter-fund Loan for Fleet Management
End
Presenter:
Ramon Gavarrete, 352-548-1214
Description:
Inter-fund Loan for Fleet Management of $300,000 to have cash available between time parts, labor, and commercial expenses are made and billings are completed charging internal and external customers for work done.
Recommended Action:
Recommended Action
Approve an annual inter-fund loan from Vehicle Replacement Fund to Fleet Management Fund of $300,000 to be paid back at the end of each fiscal year.
End
Prior Board Motions:
None
Fiscal Consideration:
Fiscal Consideration
Approve inter-fund loan from Vehicle Replacement Fund account 506.131.0000 to Fleet Management Fund account 503.207.0000.
End
Strategic Guide:
Infrastructure
Background:
The Fleet Management works on the BoCC department’s vehicles and equipment as well as some other local government’s vehicles and equipment. There is a lag between the purchase of parts, labor, and commercial expenses and the time that the revenues are received back to the fund from monthly billings. Due to this lag, there are times that the cash gets low in the fund. To keep a sufficient amount of cash in the fund Public Works is requesting an inter-fund loan from the Vehicle Replacement Fund in the amount of $300,000 at the beginning of each fiscal year with the payback of the end of the fiscal year starting in the current fiscal year.