File #: RES 22-064    Version: 1 Name:
Type: Resolution Status: Passed
File created: 8/11/2022 In control: City Council
On agenda: 8/23/2022 Final action: 8/23/2022
Title: Action on Resolution 22-064, a Resolution Authorizing an Inter-fund Advance from the Capital Improvement Plan (CIP) Fund to the Special Assessment Fund.
Attachments: 1. Memo, 2. Resolution

Title

Action on Resolution 22-064, a Resolution Authorizing an Inter-fund Advance from the Capital Improvement Plan (CIP) Fund to the Special Assessment Fund.

 

Body

Summary:

When new projects are proposed, City of Brookings Staff analyzes unrestricted fund balances to determine financial feasibility.  The Special Assessment Fund is unique, as it requires up-front funding for projects, which are then paid back by property owners based on the assessment terms as identified in the Special Assessment Policy.  Payment in full could take several years following project completion.  This resolution authorizes a $121,000 advance from the CIP Fund to the Special Assessment Fund to cover these up-front costs until they are paid back.

 

Recommendation

Recommendation:

Staff recommends approval.

 

Body2

Attachments:

Memo

Resolution