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Staff: Oakdale project sought $700,000 interfund loan; city cash constraints may limit help
Summary
Staff said Oakdale Park project leaders requested a roughly $700,000 interfund loan for cash flow, but the city is cash-constrained with about $1.9 million already loaned to internal projects and may prefer short-term borrowing or wait for permitting delays to reduce need.
Staff told the committee that Oakdale project leaders requested a cash-flow interfund loan of about $700,000. "They're looking for a float of about $700,000," the staff member said, adding that the city currently has roughly $1.9 million in interfund loans outstanding, including about $500,000 to a sidewalk improvement district.
Staff said the city is currently cash-constrained, in part because of outstanding tax receivables and other reimbursements that fund capital projects on a reimbursable basis. Staff described short-term borrowing as an alternative and noted that Oakdale's permitting delay could reduce the immediate need for a city loan. The committee did not approve any loan at the meeting; staff said they will revisit the matter at a future meeting if circumstances change.
