H/2. Resolution 4801 - Ambulance Fund Loan/Advancemmmnff�. �
SUBJECT:
Mayor Kennedy and City Council Members
Amy Robertson, Finance Director
Chris Kukulski, City Manager
Ambulance Fund loan/Advance
MEETING DATE: June 16, 2003
BACKGROUND: This is a resolution to provide a $60,000 loan for operations to be
re -paid when the funds are available. The Ambulance fund has
outstanding receivables of $498,431 which is an increase of
$220,000 from the beginning of the year. The Ambulance has billed
$1,125,000 which exceeds the anticipated budget of $900,000.
However, delinquencies are running at $50%. The loan made last
June remains unpaid and based on cash flow will be reclassified as
long term Advance rather than short term.
Interest will be accrued at 2%. This will bring the total loaned by the
General Fund to the Ambulance to $115,000.
RECOMMENDATION: Adoption of Resolution 4801 authorizing the loan.
FISCAL EFFECTS:
ALTERNATIVES:
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Amy H. Robertson
Finance Director
between funds
As suggested by Council.
Report compiled: June 10, 2003
Chris A. Kukulski
City Manager
RESOLUTION NO.4801
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ADVANCE
FUNDS FROM THE GENERAL FUND TO THE AMBULANCE FUND IN THE
AMOUNT OF $60,000 AT A RATE OF 2%.
WHEREAS, the City has in its General Fund account funds to be invested,
WHEREAS, the Ambulance Fund has increased receivables for funds needed for
operations,
WHEREAS, the Ambulance Fund anticipates receiving funds in the near future,
WHEREAS, the City is authorized and required to transfer funds from one fund to
another fund only by resolution or ordinance, and
NOW, THEREFORE be it resolved by the City Council of the City of Kalispell as
follows:
SECTION I: That the Finance Director is hereby authorized and directed to loan
the aforementioned funds from the General Fund accounts to the
Ambulance Fund at an interest rate of 2%.
PASSED BY THE CITY COUNCIL OF THE CITY OF KALISPELL AND
APPROVED BY THE MAYOR THIS 16TH DAY OF JUNE, 2003.
Pamela B. Kennedy
Mayor
ATTEST:
Theresa White
City Clerk