HomeMy WebLinkAbout04-014DATE SUBMITTED: January 14,2004 BILL#
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT:^Authorizing an Inteffund loan Committee Meeting Date: January 20, 2004
to the Wastewater Utility Fund fi.om the ERR COUNCIL MEETING Date: January 2?, 2004
Fund 510 Department: Public Works Dept.
and Finance Dept.
Presenter: Gene Sampley and
Michael R. Wilson
Phone: 473-5590
SUMMARY: The Wastewater Utility requires a short term loan to provide cash flow needs for the
calendar year 2004. The Wastewater Utility has a history of cash deficiencies necessitating the Utility
to secure interim funding in the form of an interfund loan in the amount not to exceed $1,500,000.00.
This loan shall be secured from the City's ERR Fund No. 510 and repaid fi.om the Wastewater Utility
Fund No. 451 on or before December 31, 2004, with interest at a rate of 2.5% per annam.
ATTACHMENTS: A. Resolution authorizing an interfund loan to the Wastewater Utility Fund
from the ERR Fund 510; and B. January, 2004 Cash Flow Report.
FISCAL IMPACTS (Include Budgeted Amount): The fiscal impact to the Wastewater Utility Fund
will be the cost of interest accrued and to be paid on these loans (estimated not to exceed $1,500,000.00.
DEPARTMENT DIRECTOR: /~. /.~_ j,,,,/~
CITY ATTORNEY:
FINANCE DIRECTOR:
,} ~_~, ~~ ~-~ CONSENT AGENDA []
OPERATIONS:
COUNCIL PRESIDENT:
RECOMMENDED MOTION: It is recommended that the City Council move to approve
Resolution No. ;,lq! fi_ authorizing the Director of Finance to make an interfund loan from the ERR
(Fund 510) to the Wastewater Utility Fund (Fund 451) in the amount not to exceed $ !, 500,000.00.