Laserfiche WebLink
LETTER to the DECATUR CITY COUNCIL <br /> Finance Department <br /> DATE: December 14, 2022 <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 as <br /> of December 31, 2022 <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 end <br /> of the fiscal year, in accordance with ordinance and state statute. Certain city funds may be in a <br /> position due to unforeseen circumstances to not have a positive cash position as of December 31, <br /> 2022. <br /> Therefore, it is necessary for the City of Decatur to provide an interfund cash advance to these <br /> certain funds, to affect a positive cash position as of December 31, 2022. <br /> Community Grant Fund — Interfund cash advance in an amount of $25,000 may be necessary <br /> should Federal grant reimbursement funding not be received before December 31, 2022. <br /> CDBG Fund—Interfund cash advance in an amount of$50,000 may be necessary should Federal <br /> grant reimbursement funding not be received before December 31, 2022. <br /> Public Transit Fund—Interfund cash advance in an amount of$3,000,000 may be necessary should <br /> State IDOT and Federal operating grant funding, not be received before December 31, 2022. <br /> City Treasurer will affect interfund cash advances in such amount as is necessary to secure positive <br /> cash positions, in all funds affected. <br /> Interfund cash advance(s)will be repaid in full in 2023 at the beginning of the fiscal 2023 year, or <br /> at such time that the Fund(s)have sufficient monies to repay the interfund cash advance. <br /> POTENTIAL OBJECTION: <br /> There are no known objections to this resolution request. <br /> Page 1 of 2 <br />