Four of San Bernardino County’s districts are experiencing cash flow problems that will require that the county treasurer’s office advance them money against anticipated property tax revenue.
Next week the San Bernardino County Board of Supervisors is slated to approve and adopt a recommendation by Auditor-Controller/Treasurer/Tax Collector Oscar Valdez for the temporary transfer of funds to the Needles Unified School District in the total amount of $1,293,334, for Fiscal Year 2018-2019.
It is anticipated the Needles Unified School District will receive $2,582,859 in property tax revenue in Fiscal Year 2018-19.
The approval will establish a “line-of-credit” in the amount of $1,293,334 for Needles Unified School District to draw on, as needed, to be repaid by April 25, 2019.
The board of supervisors is also being asked to approve and adopt a recommendation by Valdez for the temporary transfer of funds to the Bear Valley Unified
School District in the total amount of $3,362,918 for Fiscal Year 2018-2019.
It is anticipated the Bear Valley Unified School District
will receive $10,673,760 in property tax in over the course of Fiscal Year 2018-19.
Approval of Valdez’s recommendation will set up a line-of-credit in the amount of $3,362,918 for the Bear Valley Unified School District to draw on, as needed, to be repaid by April 25, 2019.
Next week the San Bernardino County Board of Supervisors will be called upon to approve and adopt a recommendation by Auditor-Controller/Treasurer/Tax Collector Oscar Valdez for the temporary transfer of funds to the Barstow Fire Protection District in the total amount of $2,000,000 for Fiscal Year 2018-19.
It is anticipated the Barstow Fire Protection District will receive $4,087,334 in property tax revenue in 2018-19.
Approval of the temporary transfer of funds to the Barstow Fire Protection District will result in $2,000,000 of pooled funds of the San Bernardino County treasury being unavailable for county use. The funds will be repaid after the first property tax apportionment in November 2018 for full repayment by December 27, 2018.
Next week, Valdez is also going to recommend that the San Bernardino County Board of Supervisors approve and adopt a resolution to make a temporary transfer of funds to the Apple Valley Fire Protection District in the total amount of $1,234,278 for Fiscal Year 2018-19.
It is anticipated Apple Valley Fire Protection District will receive $5,611,926 in property tax revenue in 2018-19.
Approval of the temporary transfer of funds to the Apple Valley Fire Protection District will result in $1,234,278 of pooled funds of the San Bernardino County treasury being unavailable for county use. The funds will be repaid after the first property tax apportionment in November 2018 for full repayment by December 27, 2018.
-Mark Gutglueck