Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
County finance explains transfer of $15.5M flood control loan to treasurer and proposes $15M stability fund to blunt federal funding uncertainty
Summary
Coconino County finance staff told the Board of Supervisors May 13 that a previously recorded $15.5 million general‑fund loan to the Flood Control District needs to be restructured to comply with statutory authority and that staff recommends replacing the general‑fund loan with a treasurer‑administered loan while also creating a $15 million one‑time stability fund to manage federal grant uncertainty.
County finance and legal staff briefed supervisors on May 13 about the legal and accounting mechanics of a prior general‑fund loan of $15,500,000 to the Flood Control District and proposed steps to correct statutory and cash‑management issues without creating a material operating impact on the district.
Staff explained that when the general fund originally advanced cash to the Flood Control District, the county recorded a receivable on the general‑fund balance sheet rather than cash. In preparing a repayment agreement in 2025, county counsel and the district’s counsel concluded the general fund lacked statutory authority to hold a long‑term loan in the form that had been contemplated. To resolve…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
