HomeMy WebLinkAbout09-109
DATE SUBMITTED: March 25,2009
BILL # 0 q - I D'l
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
.. "'"
........................................................................................
SUBJECT: Resolution No. 3087
Authorization of an Interfund Loan to the
General, Street and Gold Mountain Golf
Course Funds from the Equipment Rental
Reserve fund for cash flow purposes.
Committee Meeting Date: 4/21/09
COUNCIL MEETING Date: 5/6/09
Department: Finance
Presenter: Cathy Johnson
Phone: 473-5296
SUMMARY: The proposed resolution will provide for interfund loans for up to a total of $700,000
to finance the cash flow needs ofthe General, Street and Gold Mountain Golf Course Funds. Because
the receipt of tax and greens fee revenues are cyclical throughout the year and do not coincide with
expenditure outlays, a temporary loan for cash flow purposes is necessary to bridge the gap.
ATTACHMENTS:
Proposed resolution No I 3()<6"7
Cash Flow Schedules
FISCAL IMPACTS (Include Budgeted Amount): Interest costs during 2009 will not exceed $5,000.
FISCAL/BUDGET:
OPERATIONS:
COUNCIL PRESIDENT:
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
CONSENT AGENDA .
Ge'1-ero..-l 8""5; I'1e.SS .. X
RECOMMENDED MOTION: Move to approve Resolution No. 30\3 7 authorizing an interfund
loan from the Equipment Rental Reserve Fund to the General, Street and Gold Mountain Golf Course
Funds) tJ-? afY'tnt:l.Rd.
COUNCIL ACTION: Ilf Approve D Deny D Table
D Continue D No Action