HomeMy WebLinkAbout02-175 AGENDA BILL
BREMERTON CITY COUNCIL
1. SUBJECT: FOR AGENDA OF: 09/18/02
ORIGINATING DEPT: Finance
Budget adjustment authorizing repayment of the 1991 4th ORIGINATOR: Finance Director
Street Building Bonds from the Contingency Reserve Fund. DATE SUBMITTED: 9/11/02
2= CLE._.._ARANC.____.~ES:_ Co~rn~nt o~ackif necessary) 3. EXHIBITS:
Finance Director /b/,~C~'c~-~r"~ Budget Adjustment 2002-18
Presented to Fiscal and Budget Committee ~"'"j~a~ _~ .,~ ~"~~
ENDORSE~E.~T~ I~ APPROVED BY COUNCIL PRESIDENT FOR SUBMITTAL:
MAYOR ~/"-- 7c"~'"--~ COUNCIL PRESIDENT ~Z//~L~ ~
4. SUMMARY STATEMENT AND REQUIREMENT FOR COUNCIL ACTION:
The 2002 budget anticipated the call of $515,000 in taxable 1991 4th Street Building Bonds at interest rates ranging
from 6.8 to 9.4%. The payment was to be financed through a lower interest loan to the General Fund from the
Equipment Rental Reserve Fund. Payment on the loan was to be financed from repayments on the note receivable
held by the City from the sale of the building in December 1995. The balance of that note ($471,000) was paid in June
2002 and placed in the Contingency Reserve Fund as required in BMC 3.36.020. Budget adjustment #15 eliminated
the interfund loan but left the transfer frem the General Fund to the Bond Fund to fund the call. This budget
adjustment authorizes transfer of the necessary funds directly from the Cumulative Reserve Fund and eliminates
running the activity through the General Fund. The General Fund is still responsible for the transfer of funds related to
the accrued interest on the bonds.
8. RECOMMENDATION:
Motion to approve Budget Adjustment Number 18
9. RESPONSIBLE OFFICIAL: Finance Director
ENFORCEMENT OFFICIAL: Finance Director
EXPIRATION DATE: 12/31/02
REVIEW DATE: N/A
10. NOTICE OF ACTION
PULLED __ TABLED__ APPROVED [//DISAPPROVED__AMENDED __
COUNCIL DIRECTIVE:
11, AGENDA BILL -
2. CLEARANCE COMMENTS:
5. IMPACT ON NON-PASSAGE:
General Fund does not have the resources to finance repayment of the bonds.
6. IMPACT ON STAFFING~ BUDGETS~ FACILITIES~ EQUIPMENT OR OTHER RESOURCES:
7. RESEARCH SOURCES: