BACKGROUND/DISCUSSION:
The Bailey Boswell Overpass project is currently under construction with the final funding sources being an authorized $2,600,000 from General Fund balance and up to $6,500,000 from Tarrant County.
The interlocal agreement with Tarrant County is on a quarterly reimbursement basis. Due to the timing of the required expenditures and the timing of the reimbursements, there may be a temporary cash flow deficit.
Section X.C.5. of the City's Financial Management Policies requires City Council approval of a temporary "loan" between funds. The loan, if needed, will be from the General Fund balance to the Capital Projects Fund to maintain a positive cash flow until reimbursement is received from Tarrant County.
FINANCIAL IMPACT:
There will be no additional financial impact to the General Fund. The inter fund loan, if necessary, will be temporary and will be repaid upon receipt of the Tarrant County reimbursement.
RECOMMENDATION:
Approval of Resolution No. 2021-18 authorizing an internal borrowing between the General Fund and the Capital Projects Fund to maintain positive cash flows for the completion of the Bailey Boswell Overpass project.