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CITY OF CENTERVILLE <br /> REQUEST FOR <br /> COUNCIL ACTION tervitie <br /> Agenda Item# Department: Requested Council Meeting Date: <br /> Finance 6/13/2018 <br /> TITLE OF ISSUE: <br /> Interfund Loan Repayment <br /> BACKGROUND AND SUPPLEMENTAL INFORMATION: <br /> In 2015, the Sewer and Water Fund each lent$100K to the Street Fund for the overages on the county road <br /> (Centerville Road)project. The Water Fund has already been paid back and this will clear up the loan from the <br /> Sewer Fund. Staff feels that the transfer is timely because the street fund has a substantial balance and it may <br /> be prudent to clear up the loan prior to having a new finance director on board to minimize any loose ends. <br /> The only interfund loan left is the$1.2M loan from the Sewer Fund to the Park Fund, associated with the Trail <br /> Connections and Hidden Spring Park projects. There is $60K in the Park Fund,but this probably isn't enough <br /> to warrant a transfer at this time. Additionally, the Park Fund is set to receive some substantial income this year <br /> from proposed developments, so an evaluation of this fund could be looked at near year-end. <br /> COST AND SOURCE(S)OF FUNDING: <br /> No net cost. <br /> REQUESTED COUNCIL ACTION: <br /> Motion to authorize transfer of$100,000 from the Water Fund to the Street Fund. <br /> For Clerk's Use: SUPPORTED DOCUMENTS ATTACHED <br /> Motion By: / )/? 'O n Plan Map <br /> Resolution Ordinance Contract Minutes s <br /> Second By: j GA_ <br /> X <br /> Vote Record: Nay <br /> King Other(specify) <br /> Love <br /> Paar <br /> Koski <br /> V Montain <br /> Administration Department Use: <br /> Refer to: <br /> Consent <br /> Tabled Until: <br /> Regular <br /> Other: <br /> 19 <br />