044-09 - Resolution - Inter-Fund Loan TransferIntroduced by:
Requested by:
Drafted by:
Introduced:
Adopted:
RESOLUTION NO. 044-09
City Treasurer
City Treasurer
City Treasurer
April28, 2009
April 28, 2009
A RESOLUTION OF THE CITY OF PORT ORCHARD,
WASHINGTON, AUTHORIZING THE CITY
TREASURER TO MAKE AN INTER-FUND LOAN
TRANSFER BETWEEN THE CUMULATIVE RESERVE
FOR MUNICIPAL FACILITIES FUND AND THE
CURRENT EXPENSE FUND
WHEREAS, on December 9, 2008, the City Council adopted Ordinance No. 043-08
adopting the 2009 Budget; and
WHEREAS, on April 20, 2009 the Department of Revenue contacted the City regarding
sales tax revenue adjustments that will reduce the City's sales tax distribution at the end of April;
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 $200,000 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 DOES HEREBY
RESOLVE AS FOLLOWS:
THAT: The City Treasurer is hereby authorized to make an inter-fund loan
transfer up to $2oo,ooo.oo from the Cumulative Reserve for Municipal
Facilities Fund to the Current Expense Fund for the purpose of providing for
the April expenditures pending receipt of property tax revenue in May,
provided the entire loan amount is repaid with interest at the rate of .85
percent per annum.
PASSED by the City Council of the City of Port Orchard, APPROVED by the May r, and
attested by the Clerk in authentication of such passage this 28th day of Apri .2· · 9.