11. Resolution 4714 - Ambulance Fund LoanCity of Kalispell
Post Offlce Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 17 x(406)758-7758
REPORT TO:
11WITSIM
SUBJECT:
MEETING DATE:
Mayor Kennedy and City Council Members
Amy Robertson, Finance Director
Chris Kukulski, City Manager
Ambulance Fund loan
June 17, 2002
BACKGROUND: This is a resolution to provide a $55,000 loan for operations to be
re -paid when the funds are paid by Medicare. The Ambulance fund
has outstanding receivables consisting of about $35,000 over 60 days
and and another $20,000 over 30 days delinquent and due from
medicare. Total receivables are $265,000 in the Ambulance Fund. It
is short term financing with an interest rate of 2%.
The General fund has just received its 2nd half tax payment and can
loan the funds on a short tem basis. The state investment pool is
currently paying 1.9 % interest.
RECOMMENDATION: Adoption of Resolution 471 authorizing the loan.
FISCAL EFFECTS:
ALTERNATIVES:
Finance Director
minimal
As suggested by Council.
Report compiled: June 11, 2002
Chris A. Kukulski
City Manager
RESOLUTION NO. 4714
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO LOAN FUNDS FROM
THE GENERAL FUND TO THE AMBULANCE FUND IN THE AMOUNT OF $55,000 FOR
SHORT TERM FINANCING UNTIL MEDICARE PAYMENTS ARE RECEIVED.
WHEREAS, the City has in its General Fund account funds to be
invested,
WHEREAS, the Ambulance Fund has a receivable from Medicare 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 account to the Ambulance
Fund at an interest rate of 2%.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AND SIGNED BY THE MAYOR THIS 17TH DAY OF JUNE, 2002.
Pamela B. Kennedy
Mayor
ATTEST:
Theresa White
City Clerk