HomeMy WebLinkAbout04-049DATE SUBMITTED: March 2, 2004 BILL
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: ~hthorizing an Interfund Loan Committee Meeting Date: March 16, 2004
to the General Fund from the Contingency COUNCIL MEETING Date: March 24, 2004
Reserve Fund Department: Finance
Presenter: Michael R. Wilson
Phone: 473-5590
SUMMARY: The General Fund has a history of cash flow deficiencies occurring twice each year
due property tax collection cycles. 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
support and protect the General Fund in the event of unforeseen and unfunded emergencies. It is
proposed that the Council authorize the Director of Finance to make an interfi, nd loan from the
Contingency Reserve Fund to the General Fund in an amount not to exceed 3:/00,000. This loan shall
bear no interest rate since the Contingency Reserve Fund functions as a reserve for the General Fund.
This loan shall be repaid on or before December 31,200q.
ATTACHMENTS: Resolution authorizing an interfimd loan from the Contingency Reserve Fund to
the General Fund Mo.
FISCAL IMPACTS (Include Budgeted Amount): The 2004 Annual Budget was adopted with
provisions to issue an interfund loan(s) to meet the cash flow needs of the General Fund. There is no
direct fiscal impact associated with this impact other than the transfer of monies from one fund to
another on an interim basis.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR: ' ~ (t~,"~.~'- ~ ):/..
MAYOR: (.,~, ~ ~'~
FISCAL/BUDGET: ' ' - CONSENT AGENDA []
RECOMMENDED MOTION: I move to approve Resolution No.2'~etauthorizing 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 ~?00,000.
COUNCIL ACTION: []~pprove [] Deny [] Table [] Continue [] No Action