HomeMy WebLinkAbout05/18/2011 7C AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL 7C
■■ e eeeeeereeeeeeeeeereeeeseeeeeseeeeeeeeeeeeeeeeeeeeeeeeeeeeseeeeeeeeereeeeseeeeeeeseee
SUBJECT: Resolution No 3 14 ( to Study Session Date 05/11/11
Authorization of an Interfund Loan to the COUNCIL MEETING Date 05/18/11
General Fund from the Equipment Rental Department Finance
Reserve fund and approving a budget Presenter Becky Hasart
adjustment to the General Fund Phone 473 -5722
SUMMARY: The City Council, during its meeting of May 11, 2011, approved a settlement
agreement with Kitsap County and Housing Kitsap authorizing payment to Housing Kitsap in the
amount of $1,150,000 no later than June 1, 2011 in full settlement of the County and Housing
Kitsap's claim against the City under the City Contingent Loan Resources with which to repay the
settlement in full are not presently available in the General Fund requiring that the settlement amount
be financed over time The least cost financing alternative is a loan from another city fund It has
been determined that the Equipment Rental Reserve fund has adequate surplus cash to loan
Repayment of the loan would be over a ten year period at an interest rate that reflects the return on
municipal investments The resolution also provides for an increase to the General Fund 2011
expenditure budget in the amount of $1,150,,000 to provide for the payment of the settlement amount
ATTACHMENTS: Resolution No 310
FISCAL IMPACTS (Include Budgeted Amount) Based on the terms of the loan as presented in the
resolution
APPROVALS:
DEPARTMENT DIRECTOR
CITY ATTORNEY
FINANCE DIRECTOR '
1
RECOMMENDED MOTION.
Move to pass Resolution No 3 1 4 0 authorizing an interfund loan to the General Fund from the
Equipment Rental Reserve Fund and to increase the General Fund expenditure budget for the
settlement payment
STUDY SESSION ACTION: ❑ Co ent Agend XGeneral Business El Public Hearing
COUNCIL PRESIDENT `
COUNCIL ACTION- ❑Approve ❑Deny ❑ able ❑Continue 2 Action
Form Updated 4/18/2011 66&A Gl- V )� d) m a& an d , 4d6 plic -, m toot W k-
yL� p� 1,15m1((ion f Naustr� w- -`5fip a on 5 11 '1 1 ( 69()' s a "A
��Gn emc�rgen� c ue
Ctc unhu fed It cf finds Q�atlebit Pno( and '(11rWte mo �-&&t`FtcrlZ-& PMemr (
d9e-
of �h erorn q4x GvAnge )cgCse rye -/ td,