F.5 - Child Care Facility Proceeds ReportREPORT ON THE PROCEEDS OF THE SALE OF CHILD CARE FACILITY
OCTOBER 11, 2022
Background
July 1, 2012, the City’s Child Care Program was
moved from the General Fund to its own Special
Revenue Fund
The Child Care Services Fund was to be self-
supporting including covering their portion of UAL
This resulted in a negative fund balance and
borrowing from the City’s cash pool to cover the
cost of the UAL
Background
July 1, 2017
Lease with FSA to run the Child Care Services, with option to purchase property
Property became available for sale
June 30, 2018
FSA informed the City they would no longer be able to continue the service
July 10, 2018 –Council authorized
The sale of the property
$615,550 of proceeds of the sale to be committed to clear the Child Care Fund’s negative balance
September 11, 2018
Property sold for $910,000 and the City received net proceeds of $850,000 after $60,000 commissions
Child Care Fund
Date Description Amount
As of June 30,
2017 Negative Fund Balance ($307,970)
FY2017-18 Child Care Fund’s portion UAL ($145,728)
FY2017-18 Other Expenditures/Revenues ($8,187)
As of June 30,
2018 Negative Fund Balance ($461,885)
Child Care Fund
Date Description Amount
As of June 30,
2018 Negative Fund Balance ($461,885)
FY2018-19 Sales Proceeds $850,000
FY2018-19 Child Care Fund’s portion UAL ($145,700)
FY2018-19 Other Revenues/Expenditures $705
As of June 30,
2019 Fund Balance $243,120
Child Care Fund
Date Description Amount
As of June 30,
2019 Fund Balance $243,120
FY2019-20 Investment Earnings $1,300
Sub-Total Child Care Fund -Cash Balance $244,420
FY2019-20 Child Care Fund’s portion UAL ($150,179)
FY2019-20 Transfer to General Fund for
future UAL ($94,241)
As of June 30,
2020 Fund Balance $0
Questions