2023-396-Resolution No. 2023-068 Recorded 12/27/2023REVIEWED
LEGAL COUNSEL
Recorded in Deschutes County
Steve Dennison, County Clerk
Commissioners' Journal
CJ2023-396
12/27/2023 10:25:32 AM
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY,
OREGON
A Resolution Increasing Appropriations
Within the 2023-24 Deschutes County * RESOLUTION NO. 2023-068
Budget
*
WHEREAS, the Finance department is requesting budget adjustments with regards to
clearing negative and positive fund balances in the Full Faith and Credit Debt Service Fund, and
WHEREAS, ORS 294.471 allows a supplemental budget adjustment when authorized by
resolution of the governing body, and
WHEREAS, ORS 294.463 allows the transfer of Appropriations and Contingency within
a fund when authorized by resolution of the governing body, and
WHEREAS, it is necessary to reduce Contingency and increase Transfer Out
appropriations by $2,000 in the General Fund, and
WHEREAS, it is necessary to reduce Unappropriated Reserves and increase Transfer Out
appropriations by $280,000 in the Full Faith and Credit Debt Service Fund, and
WHEREAS, it is necessary to recognize Transfer In revenue of $2,000 and Beginning
Working Capital of $5 and increase Program Expense appropriations by $2,000 and Transfer Out
appropriations by $5 in the Full Faith and Credit Debt Service Fund, and
WHEREAS, it is necessary to recognize Transfer In revenue and increase Reserves by
$280,005 in the Project Development and Debt Reserve Fund; now, therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON, as follows:
Section 1. That the following revenue be budgeted in the 2023-24 County Budget:
Page 1 OF 2-Resolution no. 2023-068
Full Faith and Credit Debt Service Fund
Beginning Working Capital $ 5
Transfers In 2,000
Total Full Faith and Credit Debt Service $ 2,005
Project Development and Debt Reserve Fund
Transfers In
Total Project Development and Debt Reserve
$ 280,005
$ 280,005
Section 2. That the following amounts be appropriated in the 2023-24 County Budget:
General Fund
Contingency $ (2,000)
Transfers Out 2,000
Total General Fund $ 0
Full Faith and Credit Debt Service Fund
Unappropriated Ending Fund Balance $ (280,000)
Program Expense 2,000
Transfers Out 280,005
Total Full Faith and Credit Debt Service $ 2,005
Project Development and Debt Reserve Fund
Unappropriated Ending Fund Balance
Total Project Development and Debt Reserve
$ 280,005
$ 280,005
Section 3. That the Chief Financial Officer make the appropriate entries in the Deschutes
County Financial System to show the above appropriations:
DATED this day of December 2023.
ATTEST:
NIP/
Recording Secretary
Page 2 OF 2-Resolution no. 2023-068
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON
ANTHONY DEBONE, Chair
PATTI ADAIR, Vice -Chair
PHIL CHANG, C e -` missioner
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A supplemental budget is required to clear -out postive and negative balances within Funds that are legally appropriated as the Full Faith and Credit Debt Service Fund.
FF&C Debt Service
Dan Emerson
BOARD OF
COMMISSIONERS
AGENDA REQUEST & STAFF REPORT
MEETING DATE: December 20, 2023
SUBJECT: Approval of Resolution No. 2023-068 adopting a supplemental budget and
increasing or adjusting appropriations in the Full Faith and Credit Debt Service
Fund, the General Fund and the Project Development and Debt Reserve Fund
RECOMMENDED MOTION:
Move approval of Resolution No. 2023-068 increasing or adjusting appropriations within
the 2023-24 Deschutes County Budget.
BACKGROUND AND POLICY IMPLICATIONS:
A supplemental budget is required to clear positive and negative balances within Funds
that are legally adopted as the Full Faith and Credit (FF&C) Debt Service Fund. Overall, the
FF&C Debt Service fund has positive Beginning Working Capital (BWC), but some individual
funds within the legal fund have negative BWC or excess funds that need to be transferred
and reserved in the County's Debt Reserve Fund. This resolution is creating appropriations
to allow for the clean-up of individual debt service funds and ensure the funds net to zero
at the end of each fiscal year going forward.
• Fund 539 - Series 2019:
o This fund ended FY23 with negative BWC due to bank trustee fees. Debt
service and fees in this fund are funded through a transfer from the General
Fund. The fund requires an additional transfer of approximately $2,000 to
cover the fees and net the fund to zero.
• Fund 541 - Series 2010:
o Series 2010 has been paid off and Fund 541 closed. There is a balance of
approximately $5 in the fund that needs to be transferred to the Project
Development and Debt Reserve Fund.
• Fund 538 - Series 2019:
o The debt service for Series 2019 is funded by a transfer from Deschutes
County 9-1-1 and lease revenue from the State of Oregon. Lease revenue
from the State has increased over time and exceeds the debt service
payment. Accumulated funds of approximately $280,000 need to be
transferred to the Project Development and Debt Reserve Fund in a reserve
for future debt service payments.
BUDGET IMPACTS:
If approved, the aforementioned funds and amounts will be adjusted and/or appropriated.
ATTENDANCE:
Dan Emerson, Budget and Financial Planning Manager