Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Tan Reserve topic
No spam. Unsubscribe anytime.
Bonner County Ambulance board readies paperwork for up to $500,000 TAN and discusses $2.45M reserve target
Summary
The Bonner County Ambulance Service District board agreed to prepare paperwork authorizing a temporary advance note (TAN) of up to $500,000 and discussed a planning target of roughly $2,450,000 in reserves based on a $400,000 monthly expenditure estimate; a final borrowing decision would come later.
The Bonner County Ambulance Service District board on Nov. 19 authorized staff to prepare paperwork to allow borrowing under a temporary advance note (TAN) of up to $500,000 and discussed a multi-step plan for deciding how much, if any, to draw.
Speaker 5 told the board that a letter of interest would be on the Dec. 3 agenda and that legal documents should be ready by mid-December so the board could vote on any borrowing in January. "The dollar amount's 500,000, and we've already that that's the stuff we're working on now," Speaker 5 said.
Board members emphasized the process is two steps: authorize the paperwork and limit (up to $500,000), then later decide the amount to actually borrow. Speaker 1 described the TAN approach as similar to last year's authorization, when the board approved a larger ceiling than the amount ultimately drawn.
Staff and board members also reviewed revenue projections that informed reserve planning. Speaker 5 summarized monthly activity and anomalies, concluding the district averages roughly $400,000 in revenue per month. Using that average, Speaker 1 proposed a six-month reserve planning target of about $2,450,000, noting this is a planning goal to be achieved over time rather than an immediate transfer of funds.
The board discussed options to reduce future liabilities, including structured PTO cash-out policies and phased reserve building. Speaker 5 said staff will return with the letter of interest and supporting documents at upcoming December meetings so the board can complete the legal authorization and later choose whether to draw funds.
Next steps: staff will place the letter of interest on the Dec. 3 agenda and aim to have legal drafts ready for a follow-up meeting in mid-December; if the board chooses to borrow, the actual borrowing decision would occur at a subsequent January meeting.
