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LETTER to the DECATUR CITY COUNCIL <br /> Finance Department <br /> DATE: December 15, 2021 <br /> TO: Honorable Mayor Moore Wolfe and City Council Members <br /> FROM: Scot Wrighton, City Manager <br /> Gregg D. Zientara, City Treasurer& Director of Finance <br /> SUBJECT: Resolution Authorizing the City of Decatur to Provide an Interfund Cash Advance <br /> to Certain Funds to Affect a Positive Cash Position as of the Close of Business <br /> as of December 31, 2021 <br /> SUMMARY RECOMMENDATION: <br /> City Administration recommends City Council approval of the attached Council Resolution. <br /> BACKGROUND: <br /> Funds of the City must have monies in an amount to affect a positive cash position as of the <br /> end of the fiscal year, in accordance with ordinance and state statute. <br /> Certain city funds may be in a position due to unforeseen circumstances to not have a <br /> positive cash position as of December 31, 2021. <br /> Therefore, it is necessary for the City of Decatur to provide an interfund cash advance to <br /> these certain funds, to affect a positive cash position as of December 31, 2021. <br /> Community Grant Fund — Interfund cash advance in an amount of $50,000 may be necessary <br /> should Federal grant reimbursement funding not be received before December 31, 2021. <br /> CDBG Fund — Interfund cash advance in an amount of $50,000 may be necessary should <br /> Federal grant reimbursement funding not be received before December 31, 2021. <br /> Public Mass Transit Fund — Interfund cash advance in an amount of $3,000,000 may be <br /> necessary should State IDOT and Federal operating grant funding not be received before <br /> December 31, 2021. <br /> City Treasurer will affect interfund cash advances in such amount as is necessary to secure <br /> positive cash positions, in any and all funds affected. <br /> Interfund cash advance(s)will be repaid in full in 2022 at the beginning of the fiscal 2022 year, or <br /> at such time that the Fund(s) have sufficient monies to repay the interfund cash advance. <br /> Page 1 of 2 <br />