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Attachment A 47 Chair Davies thought the loan could just sit there and paying off the loan could be a part of the 48 expansion. She asked Ms. Pietrick what she recommends because the staff report indicates staff 49 would recommend any of the alternatives other than the do-nothing option, option four. 50 51 Ms. Pietrick explained she would be fine with doing nothing but would not recommend option 52 three, increasing taxes to repay it. It has been sitting there for four years and the PMP Fund will 53 not run out of funds for approximately ten years. She reviewed the various options with the 54 Commission. 55 56 Commissioner Murray agreed that nothing should be done until it is clear what is going to 57 happen across the road. It seems it would be a part of the cost of the whole project. 58 59 Commissioner Bester explained he would be ok with either recommendation one, two or four, 60 with four being his first preference. 61 62 Ms. Pietrick indicated she thought the City could go with recommendation four and see where 63 the project goes. Right now, Pavement Management is healthy and will not run out of cash and if 64 she has some freed-up resources that she can invest, this was the fund she was looking at 65 investing for. 66 67 Chair Davies asked if the Commission needed to make a motion to do nothing on this item. 68 69 Commissioner Murray thought this item could go on the Tracking report and bring it up again in 70 six months to see where it is standing. 71 72 Ms. Pietrick thought that was a good idea because that will give the Commission a chance to 73 look at the CIP sheets and go through the budget process as well. 74 75 Finance Commission ÎExcerpt of May 10, 2022 Minutes 76 Discuss Internal Loan Balance 77 78 Finance Director Pietrick explained in 2018 the City purchased the shopping center at 2719 79 Lexington Avenue. To accomplish this purchase, $1.5 million of funds were loaned from the 80 Pavement Management (PMP) fund and a receivable was recorded. The sale of the former fire 81 station on Fairview was seen as a way to repay this loan, hence the interfund loan receivable and 82 payable were recorded. The former fire station was sold and $1,233,171.30 was received on 83 February 28, 2022 and the internal loan has been reduced to a remaining balance of $266,828.70. 84 85 Ms. Pietrick reviewed the information with the Commission and instructed the Commission to 86 discuss alternatives for addressing the remaining interfund loan balance. She noted staff would 87 recommend either using the Excess Cash Reserve fund or the General Fund reserves to repay the 88 PMP fund. Staff is also willing to leave the receivable sit in the PMP fund until the fund needs 89 the cash. 90 91 Chair Davies did not see any reason why not to clean it up. She asked if there was a reason to 92 leave it there.