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Authority finance update: available cash, reserves and developer reimbursements discussed
Summary
Board members reviewed cash balances and reserve funds; staff said available cash was $694,000 as of Jan. 31, reserves about $14.5 million, and that recent developer payments have improved the near-term cash position to roughly $1.9 million. The board asked staff to pursue EIFD funds and timely invoicing.
At its March 2 meeting, the Carson Reclamation Authority reviewed monthly reserves and cash flows and discussed how developer reimbursements and special-district mechanisms affect spending authority.
Staff reported available cash of $694,000 as of Jan. 31, 2026, and a balance of reserve funds of about $14.5 million. The executive director explained that the $14.5 million sits in the enterprise fund and is governed by the enterprise fund administration agreement; it is earmarked for operations and maintenance and cannot be expended until certain conditions are met — notably completion of a cell closure and receipt of a remedial action completion report (RACER) from the Department of Toxic Substances Control (DTSC). Only after those thresholds are met and a CFD (community facilities district) is collecting revenues would some of that money become available for spending tied to project obligations.
Board members questioned whether a roughly $1 million payable would deplete available cash below target levels. Staff said that, “If $1,000,000 comes out of $1,900,000, it would be down to $900,000,” and noted that most operating and maintenance carry costs are covered by the developer under existing agreements; the authority invoices the developer when the authority pays vendors. The executive director told the board that a large set of receivables arrived in February and that the account was now 'over $1,000,000' and described a current balance of about $1.9 million in the operating account.
Board members asked staff to explore asking the EIFD board to direct a portion of EIFD receipts to the CRA or to create an ongoing program to allocate a percentage of EIFD inflows to CRA needs. Staff said they have discussed the option with the developer and will prepare materials to bring to the EIFD board for consideration.
The board took no binding financial action on reserves at the meeting; the cash report was received for the record and staff will continue to invoice the developer and report back on receivables and any EIFD requests.
