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Council approves $810,000 in internal loans and shifts COVID funds to capital for 2nd Street and airport projects
Summary
Council authorized a $700,000 loan from Second Penny and $110,000 from the Sewer Fund to temporarily finance the 2nd Street and airport projects; it also moved $164,750.66 in COVID-designated funds to the Capital Improvement Fund and approved a $19,000 interfund loan from Sewer to Water.
The City Council on Dec. 29 approved internal financing to cover immediate project expenses for the 2nd Street and airport projects. Councilmember Kari Fagerhaug moved and Councilmember Scott Vaske seconded a motion to approve a $700,000 loan from Fund 212 (Second Penny) and a $110,000 loan from Fund 604 (Sewer Fund) to Fund 501 (Capital Fund) "for expenses for the 2nd Street Project and Airport Project until grant or loan funds are received." The motion carried 4-0.
At the same meeting the council also approved a $19,000 loan from the Sewer Fund (Fund 604) to the Water Fund (Fund 602) for interim expenses, and moved $164,750.66 of COVID-designated funds from the General Fund (Fund 101) into Fund 501 Capital Improvement to preserve those dollars for the 2nd Street Project. The minutes record the transfers and loans as temporary measures pending receipt of external grant or loan proceeds.
