BACKGROUND/DISCUSSION:
At the July 5, 2022 City Council meeting, the City Council approved playground improvements at Highland Station Park. In order to make the improvements in advance of the debt issuance internal borrowing will be necessary.
Section X.C.5. of the City's Financial Management Policies requires City Council approval of a temporary "loan" between funds.
FINANCIAL IMPACT:
The $4 million park bonds are scheduled to be issued in the summer of 2023. The General Fund balance will provide a loan to the Capital Projects Fund to allow for the playground improvements in advance of the debt issuance. The General Fund will be reimbursed once the debt is issued.
RECOMMENDATION:
Approval of Resolution No. 2022-18 authorizing an internal borrowing between the General Fund and the Capital Projects Fund.