HomeMy WebLinkAbout12/21/2016 5JSUBJECT: Resolution No. 3282 authorizing
Year End Interfund Loans from Fund 102
(Streets) to Fund 315 (Transportation
Capital); Fund 317 (Lebo Boulevard
Construction); and Fund 334 (Washington
Avenue Connector)
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
Study Session Date:
COUNCIL MEETING Date:
Department:
Presenter:
Phone:
December 14, 2016
December 21, 2016
Financial Services
Mike Riley
(360) 473-5303
SUMMARY: 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 315 -Transportation Capital, Fund 317 -Lebo Blvd Construction and Fund 334 -Washington
Avenue Connector are all capital construction funds supported by grants. Grant reimbursements
cannot be requested until after payments are made for work performed. The Street Fund has
adequate cash reserves to make these short term loans.
Each loan will be paid as soon as cash is available in the fund, but in no instance will the loan extend
beyond June 30, 2017. It is proposed that no interest be charged on these short term loans as all
funds involved are for transportation purposes.
ATTACHMENTS: Resolution No. 3282
FISCAL IMPACTS (Include Budgeted Amount): This is a cash flow issue and has no impact on the
2017 ending fund balance of the funds.
STUDY SESSION AGENDA: px No Presentation ❑ Full Presentation
STUDY SESSION ACTION: o Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION:
Move to adopt Resolution No. 3282 of the City Council of the City of Bremerton, Washington,
authorizing year-end Interfund Loans to Funds 315, 317 and 334 from Fund 102.
COUNCIL ACTION: [Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15