HomeMy WebLinkAbout03-134DATE SUBMITTED: July 17,2003 BILL# / -~?
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
T: Resolution authorizing an Committee Meeting Date: July 14, 2003
Interfund loan to the Conference Center COUNCIL MEETING Date: July 23, 2003
Fund from the Equipment Rental and Department: Finance Department
Revolving Fund Presenter: Michael R. Wilson
Phone: 473-5590
SUMMARY: The Conference Center needs interim financial resources in the amount of $300,000 to
pay for the conference center management company for operating expenses. Interim funding is
needed until such time the conference center generates sufficient case to repay such debt obligation or
an alternative plan for repayment has been developed within the FY 2004 budget. This loan shall be
repaid to the Equipment Rental Reserve Fund from the Conference Center Fund on or before October
1, 2004. Future cash flow and capital expense needs for the Conference Center beyond this initial
$300,000 loan will be addressed in the Conference Center FY 2004 Budget.
ATTACHMENTS: A. Resolution authorizing an interfund loan to the Conference Center fi-om the
Equipment Rental and Revolving Fund; B. Memo from the Director of Finance; and C. Interfund
loan schedule
FISCAL IMPACTS (Include Budgeted Amount): The Conference Center will need to repay this
$300,000 interfund loan, plus applicable interest, to the ER&R Fund in FY 2004. It is recommended
that the interfund loan be repaid by use of reserves and future revenues from hotel/motel taxes.
APPROVALS:
DEPARTMENT DIRECTOR: ~ (t~ Z~. ),'/~-~'-'-
CITY ATTORNEY: ~"'-'~ff'~: ~
FINANCE DIRECTOR:
FISCAL/BUDGET: HEARD ^T $t[I~Y SES$10N 7/14/02
CONSENT AGENDA []
OPERATIONS: HEARD AT SltJD¥ $ESSION 7/14/02
COUNCIL PRESIDENT:
RECOMMENDED MOTION: Move to approve Resolution No. 0~ ~ ~ t~ authorizing the
Director of Finance to make and interfund loan from the Equipment Rental Reserve Fund (Fund 510)
to the Conference Center Fund (Fund 410) in the amount not to exceed $300,000.
COUNCIL ACTION: ~Approve [] Deny [] Table [] Continue [] No Action