2. Flood financial update - Laserfiche WebLink

CASS COUNTY GOVERNMENT March 30, 2009 Auditor Board of County Commissioners Cass County Government Michael Montplaisir, CPA 211 9th Street South 701-241-5601 Fargo ND 58103 Treasurer RE: Flood Expenditures Charlotte Sandvik Dear Commissioners: 701-241.5611 In an earlier motion the Board of County Commissioners authorized the use of the Director of Emergency Fund to fight the flood this spring. In order to keep the funds separate for this Disaster Declaration we opted to set up a separate fund to handle the flood Equalization expenditures and hopefully the partial reimbursement of those costs. Frank Klein The Emergency Fund has a balance of $489,000 and we would like to use these funds 701-241.5616 to provide cash for the Flood Fund. Unfortunately, the Emergency Fund does not have enough funds to completely cash flow the expenditures; we estimate that the first batch of bills will be approximately one million dollars for sandbags, sand, rented equipment, etc. To cover the additional costs we could transfer $500,000 from the General Fund. The good news is we have adequate reserves to borrow funds internally while waiting for reimbursement. With the declaration we should get at least 75% of eligible costs reimbursed by FEMA. Inevitably, there will be some costs, while necessary in the course of fighting the flood, that may not be eligible. The 25% match and any ineligible costs will need to be funded either by the state or locally. We hope to file some claims for the initial flood fighting within the next few weeks. - Sincerely, ~N1i~hael M nt laisir p County Auditor SUGGESTED MOTION: Move to transfer $489,000 from the Emergency Fund and $500,000 from the General Fund to the Flood Fund to cover initial costs of the 2009 spring flood. Box 2806 211 Ninth Street South Fargo, North Dakota 58103 Fax 701-241.5728 www.casscountygov.com