HomeMy WebLinkAbout03-057 AGENDA BILL
BREMERTON CITY COUNCIL
1. SUBJECT: Authorizing an Interfund FOR AGENDA OF: April 9, 2003
Loan to the General Fund from the ORIGINATING DEPT: Finance Dept.
Contingency Reserve Fund ORIGINATOR: Michael R. Wilson
~$o~i~ S0. ~ DATE SUBMITTED: March 31, 2003
2. CLEARANCE________~S: (comment on ba_~essarv~3.__ EXHIBITS:
City Attorney ~~. ~ ,~ ~Interfund Loan Resolution
Director, Finance ~B. 2003 Cash Flow Chart
Budget Finance Committee ~-/-(9 ~ ~ ~h
Operations Committee ~
ENDORSEME~:~ I [~PPROVED BY COUNCIL PRESIDENT FOR SUBMITTAL:
MAYOR ~ COUNCIL PRESIDENT ~' ~_/y~
4. SUMMARY STATEMENT AND REQUIREMENT FOR COUNCIL ACTION:
The General Fund has a history of cash flow deficiencies occurring twice each year due to the collection cycles
of property taxes and, as a result, the General Fund has an immediate need for an interfund loan in order to meet
cash flow needs. The Contingency Reserve Fund was established to provide funding to support and protect the
General Fund in the event of unforeseen and unfunded emergency situations. It is proposed that the Council
authorize the Director of Finance to make an interfund loan from the Contingency Reserve Fund (Fund 103) to
the General Fund (Fund 001) in the amount not to exceed $800,000 to meet the cash flow needs of the General
Fund. This loan shall bear no interest rate since the Contingency Reserve Fund was created for the purpose of
providing direct fmancial support and acts as a reserve for the General Fund. This loan shall be repaid to the
Contingency Reserve Fund from the General Fund on or before December 31, 2003.
8. RECOMMENDATION: It is recommended that the City Council move to approve Resolution No.),¢b~
authorizing the Director of Finance to make an interfund loan from the Contingency Reserve Fund (Fund 103)
to the General Fund (Fund 001) in the amount not to exceed $800,000.
9. RESPONSIBLE OFFICIAL:
ENFORCEMENT OFFICIAL:
EXPIRATION DATE:
REVIEW DATE:
10. NOTICE OF ACTION
PULLED __ TABLED __ APPROVED ~ DISAPPROVED AMENDED
COUNCIL DIRECTIVE: DATE:
11. AGENDA BILL NO: ~- O~7