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Attachment A <br />1 Finance Commission ÎExcerpt of May 10, 2022 Minutes <br />2 <br />3 Discussion on Options Regarding Internal Loan <br />4 <br />5 Finance Director Pietrick stated the Commission is asked to discuss alternatives for addressing <br />6 the remaining interfund loan balance. She noted the internal loan has a remaining balance of <br />7 $266,828.70. <br />8 <br />9 Chair Davies asked if the original plan was that the profit from the License Center would pay off <br />10 this loan. <br />11 <br />12 Ms. Pietrick indicated that was not the plan. She indicated the License Center has been paying <br />13 rent to the fund but she did not see any evidence that profit from the License Center was going to <br />14 repay this loan. <br />15 <br />16 Commissioner Bester asked if rents from the License Center provide enough cash flow to cover <br />17 the expenses. <br />18 <br />19 Ms. Pietrick indicated it did at this time but not enough to pay the loan. She reviewed some <br />20 options with the Commission including: <br />21 <br />22 Transferring funds from the Excess Cash Reserve fund to the PMP fund <br />23 Transferring funds from the General Fund to the PMP fund <br />24 Start increasing taxes to repay the internal loan which would then transition to PMP <br />25 funding <br />26 Do nothing until the PMP fund needs the cash. <br />27 <br />28 Ms. Pietrick indicated she would not recommend option three. <br />29 <br />30 Commissioner Bester thanked Ms. Pietrick for bringing this forward. He would recommend <br />31 option four, the City can carry the balance for some time as a majority of the loan has paid off. <br />32 <br />33 Chair Davies wondered why, when there is excess in the Shopping Center fund, why that does <br />34 not go to pay this off, pay it down. <br />35 <br />36 Ms. Pietrick indicated the reason why is that there is not that much excess in that fund. The City <br />37 has lost one or two tenants there. She explained she could look at that fund again but the last time <br />38 she looked it has maybe a half month of operating costs. <br />39 <br />40 Chair Davies indicated with all of the visioning going on around the Campus expansion, do those <br />41 proposals include the shopping center. <br />42 <br />43 Ms. Pietrick indicated the vision involves demolition of the shopping center. The Campus Master <br />44 Plan shows the maintenance facility going on that property. She reviewed the Campus Master <br />45 Plan with where the License Center and VFW are proposed to go. <br />46 <br /> <br />