Board to consider interfund loan between general basic and debt service funds to cover June debt payment
Summary
County finance presented a draft resolution authorizing an interfund loan from the general basic fund to the debt service fund in case June collections leave the debt service fund short; the resolution will be on the formal agenda for adoption tomorrow.
Dan Ashenbrenner, county finance staff, presented a draft resolution to establish an interfund loan between the general basic fund and the debt service fund. He said the loan would be a contingency measure to ensure the county can meet an upcoming debt service payment on June 1 if tax collections come in lower than expected.
Ashenbrenner described the draft as a “fail safe” that would authorize the auditor to move sufficient cash from the general fund to the debt service fund if needed; he said staff will present the resolution for formal adoption on the board’s upcoming agenda. No formal action was taken during the work session.
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