City of Longview - File #: RS 12 2016

• File #: RS 12 2016
• Version: 1
• Name: Res 2016 Interfund Loans
• Type: Resolution
• Status: Passed
• File created: 2/2/2012
• In control: City Council
• On agenda: 2/9/2012
• Final action: 2/9/2012
• Title: RESOLUTION NO. 2016, AUTHORIZING INTERFUND LOANS FROM THE GENERAL FUND TO THE ARTERIAL STREET AND PUBLIC TRANSIT FUNDS COUNCIL STRATEGIC INITIATIVE ADDRESSED: Council Initiative: Continue effective financial management. CITY ATTORNEY REVIEW: REQUIRED SUMMARY STATEMENT: Resolution No. 2016 has been prepared to provide for interfund loans from the General Fund to the Arterial Street and Public Transit Funds. These interfund loans are for the purpose of providing the necessary funds to cover the respective 2011 year-end cash deficits for the Arterial Street and Public Transit Funds. The repayment of the $130,000.00 loan to the Arterial Street Fund shall come from grant funds to be provided from the Federal Highway Administration. The interfund loan in the amount of $620,000.00 to the Public Transit Fund shall come from grant funds to be provided by the Federal Transportation Administration. This Resolution authorizes the General Fund to...

Date	Ver.	Action By	Action	Result
2/9/2012	1	City Council	adopted	Pass

Title

RESOLUTION NO. 2016, AUTHORIZING INTERFUND LOANS FROM THE GENERAL FUND TO THE ARTERIAL STREET AND PUBLIC TRANSIT FUNDS                                            

COUNCIL STRATEGIC INITIATIVE ADDRESSED:

Council Initiative:  Continue effective financial management.

CITY ATTORNEY REVIEW:  REQUIRED 

SUMMARY STATEMENT:

Resolution No. 2016 has been prepared to provide for interfund loans from the General Fund to the Arterial Street and Public Transit Funds. These interfund loans are for the purpose of providing the necessary funds to cover the respective 2011 year-end cash deficits for the Arterial Street and Public Transit Funds. The repayment of the $130,000.00 loan to the Arterial Street Fund shall come from grant funds to be provided from the Federal Highway Administration. The interfund loan in the amount of $620,000.00 to the Public Transit Fund shall come from grant funds to be provided by the Federal Transportation Administration. This Resolution authorizes the General Fund to provide interfund loans to the Arterial Street and Public Transit Fund in the amounts as shown above.  All three interfund loans listed herein shall be repaid on or before June 30, 2012.

RECOMMENDED ACTION:

Motion to adopt Resolution No. 2016.