HomeMy WebLinkAboutResolution 14-96 RESOLUTION NO. 14-96
A RESOLUTION OF THE ATASCADERO CITY COUNCIL
APPROVING INTERFUND TRANSFERS BETWEEN FUNDS AND A LOAN OF
WASTEWATER FUNDS TO THE GENERAL FUND
FOR DEFICIT CASH BALANCES AT JUNE 30, 1995
WHEREAS, various City funds have accumulated deficit balances through the years; and
WHEREAS, the General Fund has covered itself and other fund's deficit cash by borrowing from
the Wastewater Fund to maintain operations as shown in Exhibit A: and
WHEREAS, the interest rate shall be equal to the rate of return on the City's investments; and
WHEREAS, the pay back period shall not exceed five years, with principal and interest payments
made semi-annually, with a beginning principal of$939,282.68; and
WHEREAS, the City Council shall review the interfund loans at least on an annual basis.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Atascadero does
hereby approved the allocation of fund to cover deficit cash balances at June 30, 1995.
On motion by Councilmember Luna, seconded by Councilmember Johnson, the foregoing
resolution is hereby adopted in its entirety on the following roll call vote:
AYES: Councilmembers Luna, Johnson, Carden, Bewley and Mayor Highland..
NOES: None
ABSENT: None
ADOPTED: February 27, 1996
ATTEST: CITY OF ATASCADERO
By: �1
LE CE, Cit Jerk GIBORGit P. HIGWAND, Mayor
APPROVED AS TO FORM:
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EXHIBIT A , Part 2 Wastewater
Interfund Loans
at 6/30/95
001 General Fund $219,372.86
015 Zoo Operations 121,474.63
102 1994 CDBG 11,146.04
120 EDBG-268 1,475.27
200 Dial-A-Ride 49,168.52
203 Lake Pavilion 33,208.76
204 Aquatics 4,731.84
205 Recreation 58,996.30
303 Tree Association 261.06
310 Police Training 5,468.87
405 Chandler Ranch 2,904.97
452 89 COP Debt Service 35,239.38
550 Police impact Fees 190,424.42
575 Fire Impact Fees 68,559.68
600 Parks Impact Fees 136,850.08
Total General Fund Borrowing $939,_282.68
Notes:
The $11,146.04 is a short term borrowing because the City had not
been reimbursed by the County at June 30th.
`*The General Fund borrows the entire amount from Wastewater and then
loans or transfers amount to the other funds in the amounts shown above.