2007-549-Ordinance No. 2007-016 Recorded 5/24/2007DESCHUTES COUNTY OFFICIAL RECORDS CJ 7001'549
*LGAL VIEW NANCY BLANKENSHIP, COUNTY CLERK
COMMISSIONERS' JOURNAL 05/24/1007 02:37:48 PM
G. `
COUNSEL II I I I II I I IIII II II I I I II II I II i III
2007-348
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
An Ordinance Allowing Negative Cash Balances
and Interest Allocation, and Declaring an * ORDINANCE NO. 2007-016
Emergency
WHEREAS, the Deschutes County Code ("DCC) 4.02 currently provides authorization to the Finance
Director to allow one or more county cash balances to operate with a negative balance, so long as the total
expenditures do not exceed approved appropriations, to pay interest in favor of funds carrying a positive cash
balance and to provide that negative cash balances be cleared no later than the close of the fiscal year; and
WHEREAS, the Finance Director has recommended that DCC 4.02 be amended to clarify the
requirements and to recognize the County's role as fiscal agent for various county service districts and extending
the County's authority relative to negative cash balances on behalf of such service districts, Now Therefore,
THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON, HEREBY
ORDAINS as follows:
Section 1. AMENDMENT. Deschutes County Code Chapter 2.04, Board of County Commissioners, is
amended to read as described in Exhibit "A," attached hereto and by this reference incorporated herein.
Section 2. EFFECTIVE DATE. This Ordinance being necessary for the immediate preservation of the
public peace, health and safety, an emergency is declared to exist and this Ordinance takes effect on its passage.
DATED this 61-54 day of '2007.
BOARD OF COUNTY COMMISSIONERS
OF DESCHUTES COUNTY, OREGON
,Kd
Date of 1 s` Reading: Z o day of , 2007.
0
PAGE 1 of 3- ORDINANCE No. 2007-016 (05/23/07)
Date of 2nd Reading:(J/ -day of , 2007.
Record of Adoption Vote
Commissioner Yes No Abstained Excused
Dennis R. Luke L,-~
Michael M. Daly
Tammy Baney v
Effective Date: Z;y~day of 2007
ATTEST:
( Ilfjy,y, (/V ,
Recording Secretary
PAGE 2 of 3- ORDINANCE No. 2007-016 (05/23/07)
EXHIBIT A
Chapter 4.02. BUDGET
4.02.010. Definitions.
4.02.020. Negative fund balances authorized.
4.02.030. Interest.
4.02.010. Definitions.
4.02.010 Definitions
"Accumulated expenditures" means the total of
cash expended from a fund from its inception
through the current date.
"Accumulated receipts" means the total of cash
receipted into a fund from its inception through the
current date.
"Appropriations" means the maximum expenditures
that are authorized by the Budget.
"Budget" means the adopted fiscal year budget
including revisions to the budget, if any authorized
by Board resolution.
"Fiscal agent" means a person who handles the
fiscal matters for another entity including handling
and accounting for receipts and disbursements.
"Fiscal year" means July 1 of a calendar year
through June 30 of the subsequent calendar year.
"Fund" means a separate self-balancing set of
accounts used to account for net resources (receipts
less expenditures) that are segregated for a specific
purpose.
"Interest allocation" means the proportional
allocation of interest to each fund based on each
fund's average daily balance as a percentage of the
total of all funds' average daily balances.
"Negative cash balance" occurs when the
accumulated expenditures exceed the accumulated
receipts.
"Pooled allocation" occurs when budget
funds are commingled for investment
pruposes. Each fund receives interest based
on the computed average daily balances for
the month in proprotion to the total amount
of interest earned for the month, plus
charges imposed on negative fund balances
at the monthly interst rate used to distribute
the pooled interest.
4.02.02 Negative cash balances
authorized.
The Finance Director is authorized to allow
a negative cash balance in any fund,
without a Board resolution authorizing an
inter-fund loan, under the following
circumstances:
A. Receipts in excess of the negative cash
balance will be received before the end
of the Fiscal year; AND,
B. For County funds and those County
Service Districts for which the County
is the Fiscal agent, expenditures do not
exceed appropriations authorized by the
Budget for such fund.
4.02.30 Interest
Interest allocation will be posted to all
funds, monthly. All funds with average
daily balances greater than zero will
receive interest revenue; all funds with
average daily balances less than zero
will pay an interest expense.
PAGE 1 of 1- ORDINANCE No. 2007-016 (05/23/07)