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LE7TER to the DECATUR CITY COUNClL <br /> Financial Management Department <br /> #2019-01 <br /> DATE: January 14, 2019 <br /> TCl: Honorable Mayor Moare Wolfe and City Council Members <br /> FROM: Billy Tyus, City Manager <br /> Gregg D. Zientara, City Treasurer& Director of Finance <br /> SUBJECT; Resolutian Authorizing the City of Decatur to Provide an Interfund Cash Advance <br /> to the Olde Towne TIF Fund <br /> SUMMARY RECOMMENDATI4N: <br /> City Administration recommends City Council approva!of the attached Council Resolution. <br /> BACKGROUND: <br /> The final distributian of praperty tax was not received from the Macon Caunty Treasurer's Qffice <br /> in December. <br /> As a result,the Dide Towne T!F Fund ended the fiscai year with a negative cash positian. <br /> An inter fund cash advance in the amoun#of$175k is required. <br /> Government Accounting Standards Board ("GASB") pronauncements require the Auditors in the <br /> fiscal period audit to cite the City with a negative audit finding in the event af such occurrence, <br /> regardless of the reason for#he negatiwe cash position. <br /> Council approval of the Interfund Cash advance wiU place the City in compliance of the GASB <br /> audit requirement. <br /> The ir�ter fund cash advance will be repaid upon receipt of the praperty tax distributian, expected <br /> ta be received in January. <br /> POTENTiAI OBJECTtON: <br /> There are no kr�awn objections to this resolution request. <br /> INPUT FROM OTHER St)URCES: <br /> No input fram ather sources. <br /> Page 1 of 2 <br />