Title
Approval of a Resolution Authorizing an Inter-fund Loan for Fire Vehicle Funding
Recommended Action
Committee Recommendation:
Not referred to a Committee.
City Manager Recommendation:
Move to approve the resolution authorizing an Inter-fund loan of up to $300,000, from the General Fund to the Fire Equipment Reserve Fund.
Report
Issue:
Whether to approve a resolution authorizing an inter-fund loan from the General Fund to the Fire Equipment Reserve Fund for fire vehicle funding.
Staff Contact:
Dean Walz, Fiscal Services Director, Administrative Service Department, 360.753.8465
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
The 2018 Fire Equipment Reserve Fund budget is $590,016. The budget anticipated short-term borrowing finance in part of the budget appropriation. Staff is requesting authorization for an inter-fund loan up to $300,000 from the General Fund to the Fire Equipment Reserve Fund. The loan will be repaid from future contributions to the Fire Equipment Reserve Fund from the General Fund. Currently, the General Fund is contributing $200,000 a year to the Fire Equipment Reserve Fund. The loan would include an interest rate of 1.5%, which is about what the City is currently receiving from investment with the State of Washington, Local Government Investment Program.
Neighborhood/Community Interests (if known):
None noted.
Options:
1) Move to approve the resolution.
2) Direct staff to make changes to the resolution.
3) Do not approve the resolution.
Financial Impact:
Provides up to $300,000 for the purchase of fire vehicles. The loan will be repaid from future funding of the Fire Equipment Reserve Fund.
Attachments:
Resolution