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AGENDA ITEM <br />Prepared By: MLU Reviewed By: MLU Approved By: DJR <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this action item is to approve the 2020 Interfund Loan and Transfers. <br /> <br />2. Background. Each year the Council is requested to authorize transfer of monies between <br />funds. These transactions fall into the following categories: <br /> <br />A. Budgeted Transfers – Items designated in that year’s budget when originally adopted for <br />the purpose of providing support from one fund to another. <br /> <br />B. Fund Obligations – <br /> <br />i. Payments from one fund to another to reimburse expenses incurred by one fund on <br />behalf of another. This is generally for City portions of special assessments, or for <br />equipment capital outlay. <br /> <br />ii. Loan payments from one fund to another. Loans are generally made to construction <br />funds for the purpose of payment of expenses incurred prior to the sale of bonds and <br />the levying of special assessments. In addition certain loans are necessary to fund <br />major undertakings when the fund incurring the expense does not have adequate cash <br />flow available to complete the project. <br /> <br /> <br />3. Staff Recommendation. Staff recommends approval of the 2020 Interfund Loan and Transfers as <br />presented. <br /> <br />COUNCIL ACTION REQUESTED <br /> <br />Motion to approve the 2020 transfers and loan payments as presented on the attached schedule. <br /> <br />Exhibits <br />A. Schedule of 2020 Interfund Transfers and Loan Payments <br /> <br /> <br /> <br />Item No.: 12 Date: December 7, 2020 <br />Item Description: 2020 Transfers and Payments <br />Presenter: Maggie Ung <br />Accountant <br />Agenda <br />Section: <br />Consent Agenda