Agenda Item Title:
Approve Request for Interfund Loan of $220,000 between the General Fund and the Ambulance Fund
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
09/14/2022
City Council Hearing Date:
09/19/2022
Staff Contact:
Tracy Davis
Agenda Item Summary:
The Ambulance Fund, an enterprise fund, is looking to purchase a new ambulance. For cash flow purposes, the Ambulance Fund is requesting a loan for $220,000 over a period of 2 years at the rate of 3 percent that would be paid back through operating revenues. Approving this interfund loan would earn additional interest income for the General Fund while saving interest expense for the Ambulance Fund.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve