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Council authorizes short-term interfund loan to cover projected deficit in general‑obligation bond fund
Summary
Council adopted Resolution No. 2025‑03 allowing an interfund transfer (a short-term loan) from the general fund to the general‑obligation bond fund to prevent a statutory deficit; staff said the transfer will carry an interest rate equal to the state's local government investment pool (4.6%) and be repaid in fiscal year 2026.
The City Council adopted Resolution No. 2025‑03 authorizing an interfund transfer to cover a projected deficit in the city’s general‑obligation bond fund.
Finance Director Brandon Neesh explained the general‑obligation bond fund — which pays debt service on bonds issued for projects including the Justice Center and library — is expected to fall short of revenue in 2025,…
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