Finance staff propose short-term interfund loan to cover general supplemental insurance premiums

County finance staff told the board that the general supplemental fund records most of its expenditures at the start of the fiscal year and will need a short‑term interfund loan from the general basic fund to cover an approximately $1.25 million insurance premium payment until property‑tax receipts arrive.

Dana Aschenbrenner, Finance Director, said the supplemental fund carried about $1.5 million into the new fiscal year but the insurance premium due this week was roughly $1.25 million, creating a cash‑flow gap that the proposed interfund loan would fill. Aschenbrenner said the loan would be temporary and likely needed only until mid‑October when sufficient tax receipts are collected.

Supervisors asked questions and then asked staff to place the resolution establishing the interfund loan on the July 10 formal agenda for action.

No formal vote was taken at the work session; the resolution will be returned for formal consideration.