HomeMy Public PortalAboutResolution - 21-44- 20211208 - Transfer Funds FY21RESOLUTION NO. 21-44
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT APPROVING
THE TRANSFER OF FUNDS FROM THE GENERAL FUND
UNASSIGNED FUND BALANCE INTO THE COMMITTED FOR
INFRASTRUCTURE RESERVE FUND, THE COMMITTED FOR
CAPITAL MAINTENANCE FUND, AND THE COMMITTED FOR
FUTURE ACQUISITION/CAPITAL PROJECTS FUND
WHEREAS, the Unassigned Fund Balance of the Midpeninsula Regional Open Space
District is $24,973,643 as of June 30, 2021; and
WHEREAS, per Board Policy 3.07, Fund Balance Policy, the minimum required
Unassigned Fund Balance of the Midpeninsula Regional Open Space District is 30% of the
Budgeted General Fund Tax Revenue, which is equivalent to $17,333,573 as of July 1, 2021,
leaving available unassigned funds in the amount of $7,640,070; and
WHEREAS, the District is continuing with construction and renovation of its new
Administrative Office and expects to acquire and/or construct a future staff facility in the Coastal
Area; and
WHEREAS, given the construction market and inflation, the District is anticipated to
incur future costs for the maintenance of its capital assets; and
WHEREAS, the District expects to require further funding in order to continue its
program of land acquisition and the construction of future capital projects; and
WHEREAS, the General Manager recommends allocating unassigned funds from the
General Fund Unassigned Fund Balance in order to increase the Committed for Infrastructure
Reserve Fund for acquisition and/or construction of District facilities, particularly in the Coastal
Area; the Assigned for Ongoing Capital Projects Fund to provide financing for ongoing capital
projects; and the Committed for Capital Maintenance & Repair Fund for the future costs to be
incurred for the maintenance, repair and replacement of District assets.
NOW, THEREFORE, the Board of Directors of the Midpeninsula Regional Open Space
District does resolve as follows:
SECTION ONE. The following transfers are approved, and the General Manager or
designee is authorized to implement said transfers as follows: $3,500,000 from the General Fund
Unassigned Fund Balance to the Committed for Infrastructure Reserve Fund; $1,750,000 from
the General Fund Unassigned Fund Balance to the Committed for Capital Maintenance & Repair
Fund; and $1,750,000 from the General Fund Unassigned Fund Balance to the Committed for
Future Acquisitions & Capital Projects Fund.
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Resolutions/2021/21-44 FuudrrmsfasFY21
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PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on December 8, 2021, at a regular meeting thereof, by the following vote:
AYES: CYR, HASSETT, HOLMAN, KERSTEEN-TUCKER, KISI3IMOTO, RIFFLE,
SIEMENS
NOES: NONE
ABSTAIN: NONE
ABSENT: NONE
ATTEST: APPROVED:
Larry Ha ett," Secretary
Board o Directors
Curt Riffle, President
Board of Directors
APPROVED AS TO FORM:
Hilary Steveson, General Counsel
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify
that the above is a true and correct copy of a resolution duly adopted by the Board of Directors
of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
nnife �.r .odworth, District Clerk
Resolutions/2021/21- FundTransfers
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