HomeMy WebLinkAbout20201617.tiffOFFICE OF BOARD OF COMMISSIONERS
PHONE: 970-336-7204
FAX: 970-336-7233
1150 O STREET
P.O. BOX 758
GREELEY, COLORADO 80632
May 29, 2020
Governor Jared Polis
State of Colorado
State Capitol Building
Denver, Colorado 80203
Dave Young
Colorado State Treasurer
200 E Colfax Ave #140
Denver, CO 80203
RE: Advancement of Property Tax Funds to School Districts in 2020
Dear Governor Polis and State Treasurer Young:
This letter is to confirm that the Board of County Commissioners of Weld County and the Weld
County Treasurer have the legal authority and are willing to advance property tax funds to school
districts within Weld County that demonstrate a financial need caused by a delay in the due date
for property tax payments in 2020. The advancement of funds would be until enough property
tax payments are made to cover the advance or until the school district receive funds from the
State Treasurer's anticipated loan fund to cover the advance.
Weld County is financially able to accommodate the property tax advance from a cashflow
perspective. The advance of the property tax will be accommodated as a routine interfund
advance among the Weld County Treasurer's funds. In accordance with generally acceptable
accounting standards, the fund advance is reported as an asset of the lending fund (Weld County
General Fund) and as a liability of the borrowing fund (school district funds) on the Weld
County Treasurer's books. Because such accounting activity is purely internal, the assets are not
treated as an investment and the liability is not treated as a debt. We refer you to the
Government Accounting Standard Board (GASB) Comprehensive Implementation Guide,
7.23.11 for the authoritative source of the handling of this transaction. Since the transaction is
purely internal and not treated as a debt, the transaction does not violate the debt provision of
TABOR.
GoMMUn; Co..+Ions
2020-1617
Letter, Governor Polis and State Treasurer Young
May 29, 2020
Page 2
If you should have questions or wish to discuss further, please contact me at (970) 400-4200.
Sincerely,
Mike Freeman, Chair
Board of County Commissioners
of Weld County
pc: Don Warden, Weld County Director of Finance and Administration
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