HomeMy WebLinkAbout05.12.20 Graciela Gutierrez - April Cash Deficit Coverage AT1
OFFICE OF THE AUDITOR-CONTROLLER
Graciela C. Gutierrez, Auditor-Controller
25 County Center Drive Ste. 120 T: 530.552.3600
buttecounty.net/auditor
Oroville, California 95965 F: 530.538.7693
DATE: May 12, 2020
TO: Board of Supervisors, Chief Administrative Officer
FROM: Graciela C. Gutierrez, Auditor-Controller
SUBJECT: April Cash Deficit
Per Agenda Item 3.10, Authorize the Auditor-Controller to Manage Cash Flow Between County Funds.
This report summarizes the activity resulting in a need to cover the cash deficit when closing the month
of April.
Cash deficits necessary to cover were for the following:
CDBG Fund 0142, <60,240.54>
o Through the end of April CDBG Fund 0142 owes GF $376,638.83.
The CDBG consolidated Fund Balance, which includes their Program Income Fund, and Home
Program Income Fund as of 4/30/20 was $2,738,427. The consolidated Cash Deficit <104,681.61>,
which primarily is because multiple construction projects are in progress and are not funded by the
State until construction is completed. Agenda item 3.10 explained that the Community Development
Block Grant fund may be low based on the timing of reimbursement based funds.
Part of the analysis is to search for transactions that may have added to the deficit as seen below.
Major expenses are derived from Consultants and Escrow Fees. In addition, the State has not
reimbursed the projects yet this year.