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Council formalizes interfund loan to replenish General Fund using Sewer Fund balances
Summary
The Burlington City Council approved a resolution authorizing an interfund loan from the Sewer Fund to the General Fund to formalize previously advanced capital project money; Finance Director Sandy Kottke said the resolution keeps the loan on the same terms approved during a prior budget amendment.
The Burlington City Council on March 12 approved a resolution authorizing an interfund loan between the General Fund and the Local Capital Improvement Fund, using available Sewer Fund balances to replenish the General Fund for amounts previously advanced to a capital project.
Finance Director Sandy Kottke told council the resolution "implements what was already approved during the budget amendment process and maintain[s] the same loan terms," and said the action formalizes the repayment structure. Councilors Scott Green and James Stavig moved and seconded the motion to approve the resolution; the motion carried with all members present voting in favor.
Councilors did not specify a repayment schedule in the meeting remarks beyond saying the loan would keep previously agreed terms; staff indicated the interfund transaction aligns with budget amendment approvals. No further action was announced at the meeting.
