HomeMy WebLinkAbout04/07/2010 5I DATE SUBMITTED: 03/24/10 �
AGENDA BILL
CITY OF BREMERTON
CTTY COUNCIL
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SUBJECT: Resolution No. 3 l �J Committee Meeting Date: March 31, 2010
Authorization of an Interfund Loan to the COLJNCIL MEETING Date: Apri17, 2010
General Fund from the Wastewater Fund Department: Financial Services
For cash flow purposes. Presenter: Barbara Stephenson
Phone: 473-5722
SUMMARY: The proposed resolution will provide for an interfund loan for up to $1,500,000 to
finance the cash flow needs of the General Fund. Because the receipt of tax revenues are cyclical
throughout the year and do no coincide with expenditure outlays, a temporary loan for cash flow
purposes is necessary to bridge the gap.
ATTACHMENTS: 3I I �J
Proposed Resolution No.
Cash Flow Schedule
FISCAL IMPACTS (Include Budgeted Amount): The Wastewater fund will continue to receive
interest revenue in an amount commensurate to the City's average return on short term investments.
Total cost to the General Fund will not exceed $7,500.
APPROVALS:
' DEPARTMENT DIRECTOR:
I CITY ATTORNEY:
! FINANCE DIRECTOR:
� MAYOR:
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' COMMITTEE CHAIR C�.�.-�
COUNCIL PRESIDENT: - , CONSENT AGENDA (�
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� GENERAL BUSINESS ❑
j � PUBLIC HEARING ❑
i RECOMMENDED MOTION: Move to approve Resolution No 3 I 13 authorizing an interfiind
� loan from the Wastewater Fund to the General Fund.
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i COUNCIL ACTION: � Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
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