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AGENDA ITEM <br /> <br />Prepared By: RJO Reviewed By: AMC Approved By: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />1. Purpose. The purpose of this action item is to approve the 2023 Interfund Loan and Transfers. <br /> <br />2. Background / Summary. Each year the Council is requested to authorize transfer of monies <br />between funds. These transactions fall into the following categories: <br /> <br />A. Budgeted Transfers – Items designated in that year’s budget when originally adopted for the <br />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 behalf of <br />another. This is generally for City portions of special assessments, or for equipment capital <br />outlay. <br /> <br />ii. Loan payments from one fund to another. Loans are generally made to construction funds for <br />the purpose of payment of expenses incurred prior to the sale of bonds and the levying of <br />special assessments. In addition certain loans are necessary to fund major undertakings when <br />the fund incurring the expense does not have adequate cash flow available to complete the <br />project. <br /> <br /> <br />3. Staff Recommendation. Staff recommends approval of the 2023 Interfund Loan and Transfers as <br />presented. <br /> <br />COUNCIL ACTION REQUESTED <br />Motion to approve the 2023 transfers and loan payments as presented on the attached schedule. <br /> <br />Exhibits <br />A. Schedule of 2023 Interfund Transfers and Loan Payments <br /> <br />Item No.: 4 Date: October 9, 2023 <br />Item Description: Approve 2023 Interfund Loan and Transfers <br />Presenter: Ron Olson <br />Finance Director <br />Agenda <br />Section: <br />Consent Agenda <br />