HomeMy WebLinkAbout2888 RESOLUTION NO. ~
A RESOLUTION of the City of Bremerton, Washington, authorizing an interfund loan to
the General Fund fi.om the Contingency Reserve Fund.
WHEREAS, the fund balance for the General Fund (Fund 001) at the beginning of Fiscal
Year 2003 was $1,063,440; and
WHEREAS, 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
mediate need for an inter-fund loan in order to meet cash flow needs; and
WHEREAS, the Comingency Reserve Fund (Fund 103) was established to provide
funding to support and protect the General Fund in the event of unforeseen and unfunded
emergency situations; and
WHEREAS, reserve cash in an amount sufficient to meet the General Fund's cash flow
needs is presently on hand within the Contingency Reserve Fund;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BREMERTON,
WASHINGTON, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City of Bremerton's Director of Finance is hereby authorized and
directed to make an interfund loan fi.om 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 d'trect financial support and acts as a reserve for the General
Fund. This loan shall be repaid to the Contingency Reserve Fund fi.om the General Fund on or
before December 31, 2003.
SECTION 2. Severab'flit3,. If any one or more sections, subsections, or sentences of this
Resolution are held to be unconstitutional or invalid, such decision shall not affect the validity of
the remaining portion of this Resolution and the same shall remain in full force and effect.
SECTION 3. Effective Date. This Resolution shall take effect and be in force
immediately upon its passage.
PASSED by the City Council of the City of Bremerton, Washington, on this ~ day of
~2003.
CAROL ARENDS, Council President
'RbGER ~-UI~OVICH, Ci~ C'I~ATIdLESE~IV~CI~USKEY, City Clerk