DATE:
July 18, 2023
18
TO:
Board of Supervisors
SUBJECT
Title
COUNTY OF SAN DIEGO AND SAN DIEGO COUNTY SCHOOL DISTRICTS TAX AND REVENUE ANTICIPATION NOTE PROGRAM, SERIES 2023A (DISTRICTS: ALL)
Body
OVERVIEW
In the ordinary course of business, local governments and school districts may experience temporary cash flow deficits during the fiscal year due to a mismatch in the timing of the receipt of revenues, which is largely focused on the months surrounding tax payment dates, and ongoing payment of expenditures. To meet these short-term cash flow needs, the County has in the past issued a tax and revenue anticipation note ("TRAN") to manage its cash flow. The issuance of this TRAN has taken place in conjunction with school districts within San Diego County that wish to issue their TRAN with the County via a County of San Diego and San Diego County School Districts Tax and Revenue Anticipation Note Program ("Note Program"). This year, like last year, the County does not foresee a need to issue a TRAN for the County of San Diego and will not participate in the Note Program. However, certain school districts still anticipate the need to participate in the Note Program. Today's recommendation is to support these school districts and allow the County of San Diego to execute a TRAN on behalf of the participating school districts. The amount of the Series 2023A TRAN will be dependent on the participating school districts' projected cash flow profiles for Fiscal Year 2023-24.
RECOMMENDATION(S)
CHIEF ADMINISTRATIVE OFFICER
Adopt a Resolution entitled:
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SAN DIEGO PROVIDING FOR THE BORROWING OF FUNDS BY CERTAIN SCHOOL DISTRICTS FOR FISCAL YEAR 2023-24 THROUGH THE EXECUTION BY THE COUNTY OF CERTAIN 2023-24 TAX AND REVENUE ANTICIPATION NOTES AND THE PARTICIPATION BY SUCH SCHOOL DISTRICTS IN THE COUNTY OF SAN DIEGO AND SAN DIEGO COUNTY SCHOOL DISTRICTS TAX AND REVENUE ANTICIPATION NOTE PROGRAM
EQUITY IMPACT ST...
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