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Committee reviews interfund loan program; staff proposes five-year standard term and policy clarifications
Summary
Staff updated the Finance Committee on outstanding interfund loans, proposed policy revisions and a recommendation that enterprise-fund lending require prior board and council approval. Outstanding interfund loans total about $8.5 million as of April 1, 2025, staff said.
The Finance Committee received an update May 14 on Riverside’s interfund loan program, outstanding loans and a proposed policy revision to clarify roles, loan terms and approvals.
Staff presented a summary of six outstanding interfund loans with an aggregate outstanding balance of about $8,500,000 as of April 1, 2025, and described each loan’s purpose and maturity. The loans cited included an interfund loan for the Utilities Plaza (maturing fiscal year 2027), loans tied to redevelopment-era purchases including Riverside Golf Course (maturing 2028) and Reid Park (maturing 2029), an airport loan for…
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