HomeMy WebLinkAbout3282 RESOLUTION NO.3282
A RESOLUTION, of the City Council of the City of
Bremerton, Washington, authorizing year-end Interfund Loans to
Fund 315 — Transportation Capital Fund, Fund 317 — Lebo Blvd
Construction, and Fund 334—Washington Avenue Connector from
Fund 102—Street Fund.
WHEREAS, as part of the year-end close out process,an analysis of the ending
cash balance in each fund is conducted; and
WHEREAS, individual funds cannot be in a negative cash balance as of year-end;
and
WHEREAS,three funds (Fund 315—Transportation Capital Fund,Fund 317 —
Lebo Blvd Construction, and Fund 334—Washington Avenue Connector)have been identified
as having a potential negative cash balances due to timing of grant reimbursement receipts; and
WHEREAS,payments for construction projects are made prior to the request for
appropriate grant reimbursement; and
WHEREAS, external financing options are more costly than what the City can
provide through an interfund loan; and
WHEREAS, surplus cash in an amount sufficient to meet these short term cash
flow needs is presently on hand in the Street Fund;NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The Assistant Director of Financial Services is hereby authorized
and directed to make the following interfund loans as needed:
To Fund 315 from Fund 102—no more than $200,000
To Fund 317 from Fund 102—no more than $50,000
To Fund 334 from Fund 102—no more than $50,000
SECTION2. Repayment of the interfund loans shall be as follows:
Interest shall not accrue as all funds are designated for Transportation purposes. Each loan shall
be repaid no later than June 30, 2017.
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2016 Year End Interfund Loans
SECTION3. Severability. If any one or more sections, subsections, or
sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not
affect the validity of the remaining portion of this Resolution and the same shall remain in full
force and effect.
SECTION 4. Effective Date. This Resolution shall take effect and be in force
immediately upon its passage.
PASSED by the City Council of the City of Bremerton, Washington this A,1
day of .D.P.0.411 (2&, ,2016.
ter►
ERIC YO ,7 ER, drcil President
APPROVED AS TO FORM: ATTEST:
R O GER A. LUBOVICH, City ' e SHANNON CORIN, City Clerk
R:\Legal\Legal\Resolutions\Finance\2016 Year End Interfund Loan.doc
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2016 Year End Interfund Loans