On the agenda for tomorrow, April 9, 2013 at the Board of Supervisors, is an agenda item to create a Designated Fund for Teeter money.
The county is apparently required to retain 1% of the total of all taxes and assessments levied on the secured roll for each year in the Tax Losses Reserve Fund, otherwise known as the Teeter Fund.
The Calaveras Auditor indicates that the County's procedure of NOT transferring the excess proceeds has caused an underreporting of revenue and committed General Fund balances.
The Board of Supervisors has used any excess proceeds for fund operational expenses when revenues dropped. In other words, the Supervisors borrow from this fund.
According to the chart provided by the Auditor, when the County was booming with growth and jobs, the teeter fund was nearing $2,000,000 at the end of 2006.
You can see the downfall of the County after they imposed Moratoriums and then Resolution 07-242 in 2007. Since then it has been below $1,000,000.
Is the fund called Teeter because its like a teeter-totter?
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