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Council approves interfund loans for 2nd Street and airport projects and moves COVID funds to capital
Summary
Council authorized a $700,000 loan from the Second Penny fund and $110,000 from the Sewer Fund to the Capital Fund to cover 2nd Street and airport project costs until grant or loan funds arrive, and moved $164,750.66 in COVID-designated funds into the Capital Improvement Fund.
On Dec. 29 the council approved short-term interfund financing to maintain progress on two capital projects. Councilmember Kari Fagerhaug moved and Scott Vaske seconded to authorize a loan of $700,000 from Fund 212 (Second Penny) and $110,000 from Fund 604 (Sewer Fund) to Fund 501 (Capital Fund) to pay expenses for the 2nd Street Project and Airport Project until grant or loan proceeds are received; vote recorded Ayes:4 Nays:0.
The council also approved transferring $164,750.66 of COVID-designated funds from Fund 101 (General Fund) to Fund 501 (Capital Improvement) to be used on the 2nd Street Project. In addition, members approved a $19,000 loan from Fund 604 (Sewer Fund) to Fund 602 (Water Fund) for interim expenses. Council discussed interest earnings on fund balances and decided to leave interest in the funds where they were earned rather than transferring it to the General Fund.
