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R2010-74 EXTENDING THE INTERFUND TRANSFERS BETWEEN VARIOUS CITY FUNDS
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R2010-74 EXTENDING THE INTERFUND TRANSFERS BETWEEN VARIOUS CITY FUNDS
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10/7/2015 11:17:17 AM
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10/7/2015 11:17:17 AM
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Resolution/Ordinance
Res Ord Num
R2010-74
Res Ord Title
EXTENDING THE INTERFUND TRANSFERS BETWEEN VARIOUS CITY FUNDS
Department
Finance
Approved Date
4/19/2010
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� <br /> FINANCIAL MANAGEMENT DEPARTMENT <br /> #2010- 19 <br /> DATE: April 13, 2010 <br /> TO: Honorable Mayor Michael T McElroy d City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Ron E. Neufeld, Finance Director <br /> SUBJECT: Extension of Interfund Loan <br /> SUMMARY RECOMMENDATION: <br /> It is recommended that the City Council approve the attached resolution, which extends <br /> the repayment of the $1,000,000 in interfund loans between various funds, from Apri130, <br /> 2010 to Apri130, 2011. <br /> BACKGROUND: <br /> On July 6, 2009 the City Council approved Resolution No. R2009-116, authorizing <br /> transfers of up to $1,000,000 between funds, stipulating that the transfers would have to <br /> be repaid by Apri130, 2010. The State of Illinois is currently four months behind in State <br /> Income Tax payments to the City of Decatur, or nearly $2,000,000. That along with <br /> much lower tax revenues in all our major revenues has caused a serious cashflow <br /> problem in the General Fund, and make it impossible to repay this interfund loan at this <br /> time. <br /> POTENTIAL OBJECTION: There are no known objections to this <br /> resolution. <br /> INPUT FROM OTHER SOURCES: None <br /> STAFF REFERENCES: _ ' <br /> Ron Neufeld, Finance Director 424-2702 <br /> The Finance Director, Ron Neufeld will be in attendance at the City Council meeting to <br /> answer any questions of the City Council on this item. <br /> BUDGET/TIME IMPLICATIONS: <br /> This has no direct impact on the City budget, but does extend the time when this <br /> Interfund loan has to be repaid. Negative fund balances are strongly discouraged by the <br /> auditors and noted in our financial statements. <br />
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