HomeMy WebLinkAboutReg 2022-11-21 Item 6E - Resolution - Interfund Loan for Fire Department ApparatusCOUNCIL AGENDA SYNOPSIS
Initials
Meeting Date
Prepared by
Mayor's review
Council review
11/14/22
Vicky
11/21/22
Vicky
ITEM INFORMATION
ITEM No.
6.E.
STAFF SPONSOR: VICKY CARLSEN
ORIGINAL AGENDA DATE: 11/14/22
AGENDA ITEM TITLE Approve Interfund Loan from Sewer Fund to General Fund
CATEGORY ® Discussion
Mt Date 11/14/22
❑ Motion
Mtg Date
® Resolution
Mtg Date 11 /21/22
❑ Ordinance
Mtg Date
❑ Bid Award
Mtg Date
❑ Public Hearing
Mtg Date
❑ Other
Mtg Date
SPONSOR ❑ Council ❑ Mayor ❑ Admin Svcs ❑ DCD ® Finance ❑ Fire ❑ PeER ❑ Police ❑ PW
SPONSOR'S
SUMMARY
Approve Interfund Loan from the Sewer Fund to the General Fund to purchase fire engine
as part of the Interlocal Agreement with Puget Sound Regional Fire Authority
REVIEWED BY
❑ Trans&Infrastructure Svcs ❑ Community Svcs/Safety ® Finance & Governance ❑ Planning & Community Dev.
❑ LTAC ❑ Arts Comm.
❑ Parks Comm. ❑ Planning Comm.
DATE: 10/24/22 COMMITTEE CHAIR: QUINN
RECOMMENDATIONS:
SPONsoR/ADMIN. Finance
COMMITTEE Unanimous Approval; Forward to Committee of the Whole
COST IMPACT / FUND SOURCE
EXPENDITURE REQUIRED AMOUNT BUDGETED
APPROPRIATION REQUIRED
Fund Source:
Comments:
MTG. DATE
RECORD OF COUNCIL ACTION
11/14/22
Forward to next Regular Meeting
11/21/22
MTG. DATE
11/14/22
11/21/22
ATTACHMENTS
Informational Memorandum dated 10/18/22
Draft Resolution
Minutes from the October 24, 2022 Finance & Governance meeting
Final Resolution
231
232
of Tukwila
Washington
Resolution No,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, AUTHORIZING THE TRANSFER
OF FUNDS FOR THE PURPOSE OF MAKING A LOAN FROM
THE SEWER FUND TO THE GENERAL FUND;
ESTABLISHING AN INTEREST RATE AND REPAYMENT
SCHEDULE FOR SAID INTERFUND LOAN.
WHEREAS, the City's Public Safety Plan originally planned for the purchase of
Fire Department Apparatus (new engine)in 2024 thatwas to be funded through the State
of Washington's LOCAL Program for a 10 -year to 20 -year repayment term; and
WHEREAS, at the October 3, 2022 Regular Council Meeting, the City Council
authorized the Mayor to sign an Interlocal Agreementwith the Puget Sound Regional Fire
Authority for Fire/Emergency Medical Services; and
WHEREAS, at the October 3, 2022 RegularCouncil Meeting,theCity Council also
approved the expenditure of up to $1,100,000 utilizing an interfund loan for Fire
Department Apparatus (new engine); and
WHEREAS, utilizing an interfund loan will providethe City with greater control over
the repayment terms; and
WHEREAS, the City's Sewer Fund presently has sufficient funds from which to
transfer funds in an amount not to exceed $1,100,000 for the purpose of making a loan
to the General Fund to cover the authorized expenditure, in accordance with the
requirements set forth herein;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA HEREBY
RESOLVES AS FOLLOWS:
Section 1. Interfund Loan Authorized. An interfund loan in the principal amount
not to exceed $1,100,000.00 is hereby authorizedfrom the Sewer Fund (Fund 402)to the
General Fund (Fund 000). The effective date of said interfund loan shall be no later than
January 16, 2023.
CC: Legislative Development\interfund Loan Fire Engine 10-6-22
VC:AY Review and analysis by Andy Youn Page 1 of 2
233
Section 2. Interest. Interest on the interfund loan authorized per Section 1 shall
accrue at the rate in effect with the Local Government Investment Pool (LGIP) as of the
effective date of the interfund loan. The interest rate shall be calculated on an annual
basis.
Section 3. Repayment Schedule. The interfund loan authorized per Section 1
shall be repaid in full to the Sewer Fund (Fund 402), together with accrued interest
consistentwith Section 2, as sufficient revenues become available to the General Fund
(Fund 000), but in no event later than December31, 2026. Nothing in this resolution shall
be construed as authorizing a permanent diversion of the funds transferred through said
interfund loan.
Section 4. Implementation. The Finance Director is hereby authorized to
implement such administrative procedures as may be necessary to carry out the directions
of this legislation, including, without limitation, taking such action as may be necessary to
amend the budgets for the affected years to reflect the interfund loan described in this
resolution, and including bringing forth budget amendments or reconciliations to Council, if
Council approval in addition to this resolution is determined to be necessary under State
law.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON,
at a Regular Meeting thereof this day of , 2022
ATTEST/AUTHENTICATED:
Christy O'Flaherty, MMC, City Clerk Thomas McLeod, Council President
APPROVED AS TO FORM BY:
Filed with the City Clerk:
Passed by the City Council:
Resolution Number:
Office of the City Attorney
CC: Legislative Development\interfund Loan Fire Engine 10-6-22
VC:AY Review and analysis by Andy Youn Page 2 of 2
234