012-11 - Resolution - Inter-Fund Loan TransferIntroduced by:
Requested by:
Drafted by:
Introduced:
Adopted:
RESOLUTION NO. 012-11
Allan J . Martin
Council Finance Committee
Allan J . Martin
Apri112, 2011
April12, 2011
A RESOLUTION OF THE CI1Y OF PORT ORCHARD, WASHINGTON,
AUTHORIZING THE CI1Y TREASURER TO MAKE AN INTER-FUND
LOAN TRANSFER BETWEEN THE CUMUlATIVE RESERVE FOR
MUNICIPAL FACILffiES FUND AND THE ARTERIAL STREET FUND
WHEREAS, the Washington Budgeting, Accounting and Reporting (BARS) Manual
allows municipalities to make interfund loans under certain limited circumstances; and
WHEREAS, the City contemplated purchasing right-of-way for the Tremont Widening
Project using grant proceeds that would reimburse a portion of the cost of acquisition; and
WHEREAS, the Arterial Street Fund cash flow between expenditures and grant
proceed reimbursement is not consistent; and
WHEREAS, the City needs up to $300,000 from the Cumulative Reserve for Municipal
Facilities Fund for the purpose of temporarily covering the cost of right-of-way acquisition
expense in the Arterial Street Fund; now, therefore;
THE CI1Y COUNCIL OF THE CI1Y OF PORT ORCHARD, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
THAT: The City Treasurer is hereby authorized to make an inter-fund loan
transfer throughout budget year 2011 up to $300,000 from the
Cumulative Reserve for Municipal Facilities Fund to the Arterial
Street Fund for the purpose of providing for right-of-way
expenditures, as necessary, pending receipt of grant proceeds,
provided the entire loan amount is repaid with simple interest, at the
annual rate of 0.24% be temporary in nature, and not exceed 13
months from the date it is first drawn upon.
PASS ED by the City Council of the City of Port Orchard, SIGNED by the Mayor and attested
by the City Clerk in authentication of such passage this 12th day of April 201