HomeMy WebLinkAboutRES 3811CITY OF RENTON,WASHINGTON
RESOLUTION NO.3811
A RESOLUTION OF THE CITY OF RENTON,WASHINGTON
GRANTING AUTHORITY FOR LOANS BETWEEN CITY FUNDS.
WHEREAS,RCW 43.09.200 provides that the State Auditor shall formulate,prescribe,
and install a system of accounting and reporting for all local governments;and
WHEREAS,such a system has been created and is known as the Budgeting,Accounting
and Reporting System (BARS);and
WHEREAS,the BARS manual at Part 3,Chapter 4,Section A,provides guidelines for
loans between city funds;and
WHEREAS,it becomes necessary,from time to time,to resolve temporary cash flow
problems with a temporary loan between funds;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON,DOES RESOLVB AS FOLLOWS:
SECTION I.
SECTIONll.
The above findings are true and correct in all respects.
Except as provided for in Section III of this resolution,and with
respect to "Temporary Loans"only,the City Council shall approve loans between funds by
separate resolution.
SECTIONID.The temporary loans between funds of the City of Renton are
hereby authorized by the Renton City Council under the following conditions and circumstances:
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RESOLUTION NO.3811
a.Temporary Loans are not to exceed ninety (90)days in duration.If it appears that
a loan between funds may extend beyond ninety (90)days,a resolution seeking approval of such
loan shall be drafted and presented to the City Council.
b.Temporary Loans shall generally be at interest.The borrowing fund shall
reimburse the lending fund with interest equivalent to the Local Government Investment Pool rate
as of the date the loan was initiated.However,when the borrowing fund is an "internal fund"and
the lending fund is an "external fund"associated with the borrowing fund as described in the
adopted City of Renton financial policies,or when the funds share a source of revenue (such as
property tax),no interest shall be assessed for the loan.
c.The City Council shall be notified of Temporary Loans.The City of Renton's
monthly financial reports shall provide the cash status of all City funds and the existence of loans
between funds.
PASSED BY THE CITY COUNCIL this 22nd day of M_a---"y'---__---.J'2006.
Bonnie I.Walton,City Clerk
APPROVED BY THE MAYOR this 22 nd day of M~a~yL--:,2006.
RES .1171 :4/1 0/06 :ma
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