Department: Management and Budget
Department Head/Elected Official: David Berry, County Administrator
Regular or Supplemental RCA:
☒ Regular RCA
☐ Supplemental RCA
Type of Request: Commercial Paper
Project ID (if applicable): DOWNTOWN_BLDG
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Participation (if applicable): N/A
Request Summary (Agenda Caption):
title
Request for approval of commercial paper funding for the Office of the County Engineer for the Building Consolidation project in the additional amount of $11,510,000 for a total CP funding of $41,410,000.
end
Background and Discussion:
Commercial Paper Series D can be used for (1) construction of public works, (2) the purchase of automobiles, equipment and machinery, including computers, materials and supplies for the operation of the County’s precincts and departments (3) Professional services, including services provided by engineers, architects, attorneys, auditors, financial advisors, and fiscal agents, in connection with the contractual obligations described in (1) and (2).
Commercial Paper is being requested for the Building Consolidation project and is expected to be repaid within the next three fiscal years either through bonds, budgetary means or pay-as-you-go sources.
HB 1869 compliance. Confirmed by: Michael James, Assistant County Attorney, September 1, 2021.
Expected Impact:
This CP funding will allow for network and security renovations as well as the design for the building renovations.
Alternative Options:
No alternatives have been identified to providing CP funding for this project.
Alignment with Goal(s):
☐ Justice and Safety
☐ Economic Opportunity
☐ Housing
☐ Public Health
☐ Transportation
☐ Flooding
☐ Environment
☒ Governance and Customer ServicePrior Court Action (if any):
|
Date Approved |
Agenda Item |
Purpose |
Project Amount |
CP Amount |
|
01/05/2021 |
IV 1(b) |
Authorized Project |
$300,000 |
|
|
01/29/2021 |
4i(1) |
Allocated CP Funding |
|
$300,000 |
|
05/25/2021 |
21-2491 |
Authorized Project |
$61,700,000 |
|
|
06/08/2021 |
21-2772 |
Allocated CP Funding |
|
$29,600,000 |
|
Total Authorized Amounts |
$62,000,000 |
$29,900,000 |
Location:
Address (if applicable list below):
☒ Countywide
☐ Precinct 1
☐ Precinct 2
☐ Precinct 3
|
☐ Precinct 4Fiscal and Personnel Summary |
|
Service Name |
- |
FY 21-22 |
Estimates |
|
|
|
|
FY 22 |
Next 3 FYs |
|
Incremental Expenditures |
|
Labor Expenditures |
- |
- |
- |
|
Non-Labor Expenditures |
- |
- |
- |
|
Total Incremental Expenditures |
- |
- |
- |
|
Funding Sources (General Fund, PIC Fund, Debt or CP, Grants, or Other - Please Specify) |
|
Existing Budget |
Commercial Paper |
29.9M |
- |
- |
|
|
- |
- |
- |
- |
|
|
- |
- |
- |
- |
|
Total Current Budget |
29.9M |
- |
- |
|
Additional Budget Requested |
Commercial Paper |
$11.51M |
- |
- |
|
|
- |
- |
- |
- |
|
|
- |
- |
- |
- |
|
Total Additional Budget Requested |
$11.51M |
- |
- |
|
Total Funding Sources |
$41.41M |
- |
- |
|
Personnel (Fill out section only if requesting new PCNs) |
|
Current Position Count for Service |
- |
- |
- |
|
Additional Positions Requested |
- |
- |
- |
|
Total Personnel |
- |
- |
- |
Anticipated Implementation Date: September 14, 2021
Emergency/Disaster Recovery Note:
☒ Not an emergency, disaster recovery, or COVID-19 related item
☐ Emergency Item
☐ COVID-19 related Item
☐ Disaster Recovery related Item
Contact(s) name, title, department: Amy Perez, Director, Financial Management, Office of Management and Budget
Attachments (if applicable): N/A