HomeMy WebLinkAbout11/18/2015 7D AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL � D
SUBJECT: Resolution No. 3256 amending Study Session Date: November 10, 2015
Resolution No. 3194 relating to an Interfund COUNCIL MEETING Date: November 18, 2015
Loan to the Conference Center Operations Department: Financial Services
Fund from the Equipment Rental Reserve Presenter: Cathy Johnson
Fund Phone: (360) 473-5296
SUMMARY: On June 19, 2013 the City Council approved Resolution No. 3194 authorizing an
Interfund Loan to the Conference Center Operations Fund to finance the City's commitment to the
Kitsap Conference Center expansion project. Revenue projections provided at the time the loan was
approved have not materialized resulting in insufficient resources to make principal payments on the
approved schedule. The proposed change to the repayment schedule takes into account rent
payments for the third floor space due to Kitsap Transit beginning in 2019 and extends the
repayment throughout the term of the Lease agreement including extensions. An accelerator has
been included for earlier payment if additional funds are available.
ATTACHMENTS: Resolution No. 3256 including Exhibit A
FISCAL IMPACTS (Include Budgeted Amount): Principal payments over the period of 2015 through
2019 are reduced by $416,666. Annual interest payments to the Equipment Rental Reserve Fund
are increased due to the reduction in principal payments.
STUDY SESSION AGENDA: ❑ No Presentation ❑x Full Presentation
STUDY SESSION ACTION: ❑ Consent Agenda ❑x General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to adopt Resolution No. 3256 amending Resolution No. 3194 relating to an Interfund Loan to
the Conference Center Operations Fund from the Equipment Rental Reserve Fund.
COUNCIL ACTION: [�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15