Department: Management and Budget
Department Head/Elected Official: Daniel Ramos, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Commercial Paper
Project ID (if applicable): CAPITAL_LABOR
Vendor/Entity Legal Name (if applicable): N/A
MWDBE Contracted Goal (if applicable): N/A
MWDBE Current Participation (if applicable): N/A
Justification for 0% MWDBE Participation Goal: N/A - Goal not applicable to request
Request Summary (Agenda Caption):
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Request for approval of commercial paper funding for the Office of the County Engineer for the Engineering Capital Salaries project in the amount of $7,680,000 for a total of $8,680,000.
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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 Engineering Capital Salaries 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, Senior Assistant County Attorney, August 17, 2022.
Expected Impact:
Moving additional Engineering capital project salaries to CP is expected to free up approximately $8M in General Funds per year that can be redistributed to other urgent County needs that have no other funding source. Making an initial transfer before the start of the new fiscal year will help ensure continuity of salary payment from a single source and could preserve an additional $600K in General Funds as opposed to waiting until the start of FY23.
Alternative Options:
No alternatives have been ide...
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