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Council approves short‑term loan to solid‑waste fund and transfer to fleet maintenance
Summary
Council authorized a $200,000 five‑year interfund loan to the solid‑waste fund and approved a $175,000 transfer to central garage fleet maintenance to support current operations.
The University City City Council on April 28 approved two finance actions to ease operating pressures: a $200,000 interfund loan from the general fund to the solid‑waste fund and a $175,000 transfer from the general fund to the internal fleet maintenance fund.
Finance Director Keith Cole proposed the loan to assist solid‑waste operations following rate changes; the loan carries a five‑year term at 1.25% interest, and staff said the solid‑waste fund may pay it off sooner. Council Member Fuller moved the loan and Council Member McMahon seconded; the council voted to approve the loan.
Cole also explained the $175,000 transfer to the central garage internal service fund to help offset current fleet maintenance operations. Council Member Teeman moved and Council Member Fuller seconded that transfer, and the council approved the measure.
