Lynden authorizes interfund loan option, approves year-end budget amendment
Summary
Council reviewed and approved a short-term interfund loan option up to $1.5 million to manage cash flow for capital projects and passed a $2.263 million budget amendment covering year-end needs and project payments.
Council reviewed RES-25-1137, which authorizes a short-term interfund loan of up to $1.5 million from Parks Impact, Parks Capital Reserve and Public Safety Capital Reserve to cash flow capital construction invoices anticipated to be reimbursed by grants or intergovernmental loans. The resolution allows up to one year for repayment; interest is required and was set at a rate based on the city's external line of credit (4.5% cited in staff materials).
Finance presented ORD-25-1722, a budget amendment totaling $2,263,000 to increase capacity in specific funds to pay anticipated invoices before fiscal-year close. The amendment includes the interfund loan portion ($1.5 million) and a $700,000 General Fund amendment primarily related to timing on Quint fire truck payments and associated debt service. Council approved the consent agenda that included these items by a 7-0 vote; the resolution and budget amendment were incorporated into the consent approvals.
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