006-10 - Resolution - Inter-Fund Loan TransferIntroduced by:
Requested by:
Drafted by:
Introduced:
Adopted:
RESOLUTION NO. 006-10
City Treasurer
City Treasurer
City Treasurer
January 26, 2010
January 26, 2010
A RESOLUTION OF THE CI'IY OF PORT ORCHARD,
WASHINGTON, AUTHORIZING THE CI'IY TREASURER TO
MAKE AN INTER-FUND LOAN TRANSFER BETWEEN THE
CUMULATIVE RESERVE FOR MUNICIPAL FACILITIES FUND
ANDTHECURRENTEXPNENSEFUND
WHEREAS, on December 8, 2009, the City Council adopted Ordinance No. 029-09,
adopting the 2010 Budget; and
WHEREAS, the City receives a large share of its property tax revenues in May and
November; and
WHEREAS, the City's cash flow between expenditures and revenue collections is not
consistent; and
WHEREAS, the City needs up to $soo,ooo. from the Cumulative Reserve for
Municipal Facilities Fund for the purpose of temporarily covering expenses in the Current
Expense Fund; now, therefore;
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON,
HEREBY RESOLVFS AS FOLLOWS:
THAT: The City Treasurer is hereby authorized to make an inter-fund loan
transfer throughout budget year 2010 up to $soo,ooo, from the Cumulative
Reserve for Municipal Facilities Fund to the Current Expense Fund for the
purpose of providing for expenditures, as necessary, pending receipt of property
taxes, provided the entire loan amount is repaid with interest, be temporary in
nature, and not exceed 13 months from the date it is first drawn upon. Any such
loan transfer and loan repayment shall be reported to the Mayor, Council Finance
Committee, and City Council.