HomeMy WebLinkAboutAgenda Report - July 17, 1996 (79)AGENDA TITLE: Approval of an investment transfer of $350,000 from the Electric Utility Fund to
the General Government Capital Outlay fund.
MEETING DATE: July 17, 1996
PREPARED BY: Finance Director
RECOMMENDED ACTION: That the City Council adopt Resolution No. 96-104approving an
investment transfer of $350,000 from the Electric Utility Fund
to the General Government Capital Outlay fund .
BACKGROUND INFORMATION: At the shirtsleeve meeting of July 9, 1996, the City Council was
provided with background information on the financing plan and strategy for construction of Hutchins
Street Square and other general government projects between 1995 and 2001. That financing plan
included an investment transfer of $350,000 from the Electric Utility Fund to the General Government
Capital Outlay fund. The investment transfer will be brought forward annually for Council approval.
Information given at the shirtsleeve presentation listed approximately $10 million worth of capital
improvement projects and debt service to be funded by General Fund Revenue over the next five years.
The investment transfer is needed to supplement the property tax distribution to the Capital Outlay Fund
to give the City flexibility in addressing capital improvement needs. Investment in capital projects will
enhance the quality of life in Lodi, contribute to the economic revitalization of the City, and provide
efficient and professional public service.
Financial Impact: Council has approved similar investment transfers from the Electric Utility Rate
Stabilization Fund in February, 1989 and May, 1990. Final repayment of these loans were made in 1994
and 1995 respectively.
FUNDING: Electric Utility Rate Stabilization Fund
Vicky McAth e
Finance Director
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APPROVED: t %
H. Dixon Flynn - It:y Manager
RESOLUTION NO: 96- 95
A RESOLUTION OF THE LODI CITY COUNCIL
AUTHORIZING THE INVESTMENT TRANSFER OF $350,000 FROM THE ELECTRIC UTILITY
FUND TO THE GENERAL GOVERNMENT CAPITAL OUTLAY
WHEREAS, the City Council was provided with background information on the financing plan and strategy
for construction of Hutchins Street Square and other general government projects between 1995 and 2001: and
WHEREAS, the information given at the shirtsleeve presentation listed approximately $10 million worth of
capital improvement projects and debt service to be funded by General Fund Revenue over the next five years;
and
WHEREAS, the investment transfer is needed to supplement the property tax distribution to the Capital Outlay
Fund to give the City flexibility in addressing capital improvement needs; and
WHEREAS, the investment transfer will be brought forward annually for Council approval; and
WHEREAS, Council has approved similar investment transfers from the Electric Utility Rate Stabilization
Fund in the past;
NOW, THEREFORE, BE IT RESOLVED, by the Lodi City Council approval of an investment transfer of
$350,000 from the Electric Utility Fund to the General Government Capital Outlay fund.
Dated: July 17, 1996
I hereby certify that Resolution No. 96-95 was passed and adopted by the Lodi City Council in a
regular meeting held July 17, 1996 by the following vote:
Ayes: Council Members - Davenport, Mann, Pennino, Sieglock and Warner (Mayor)
Noes: Council Members - None
Absent: Council Members - None
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City Clerk