Loading...
HomeMy WebLinkAbout12/18/2013 5K AGENDA BILL W61< CITY OF BREMERTON CITY COUNCIL SUBJECT: Resolution No 3211 Study Session Date December 11, 2013 authorizing year end Interfund Loans COUNCIL MEETING Date December 18, 2013 Department Financial Services Presenter Becky Hasart Phone Ext 5722 SUMMARY This is a year -end housekeeping item As part of the preparation for year -end close out, finance assesses each fund's cash position against anticipated needs through the end of the year During this analysis, we identified three funds that have the potential to be in a negative cash position by year -end due to timing issues Fund 204 (UTGO /LTGO (B)), Fund 306 (Park Plaza Phase II), and Fund 332 (Pacific Avenue Construction) For the two capital construction funds, grant reimbursements cannot be requested until after payments are made to the contractors for work performed For the bond fund, December's final property tax payment should cover our cash needs However, if delinquent taxes are higher than expected, we could end up in a negative cash position Each loan is short term and will be paid as soon as cash is available in each of the three funds, but in no instance will be more than six months The interest rate is tied to the Local Government Investment Pool earnings, which was 0 10% on December 4, 2013 ATTACHMENTS Resolution No 3211 authorizing year -end interfund loans to Fund 204, Fund 306, and Fund 332 from Fund 001 FISCAL IMPACTS (Include Budgeted Amount) None This is a cash flow issue and does not have any effect on the respective budgets STUDY SESSION AGENDA ® No Presentation ❑ Full Presentation STUDY SESSION ACTION: © Consent Agenda ❑ General Business ❑ Public Hearing RECOMMENDED MOTION. Move to adopt Resolution No 3211 of the City Council of the City of Bremerton, Washington, authorizing year -end Interfund Loans to Fund 204, Fund 306, and Fund 332 from Fund 001 COUNCIL ACTION: ZApprove ❑ Deny ❑ Table ❑ Continue ❑ No Action Form Updated 11/02/12