City Council

(15) 13­1465­S1 BUDGET, FINANCE AND INNOVATION COMMITTEE REPORT relative to the Annual Reserve Fund Loan Review. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. WRITE OFF $460,795.92 in Reserve Fund loans and advances listed on Attachment 1 contained in the City Administrative Officer (CAO) report dated June 28, 2024, attached to Council file No. 13­ 1465­S1. 2. INSTRUCT City departments with outstanding loans to work with the special fund administrators and report to the CAO in 90 days on the status of loans listed on Attachment 1 contained in the CAO report dated June 28, 2024, attached to the Council file, as requiring further analysis. 3. INSTRUCT City departments to prioritize and expedite the submission of invoices to the appropriate City department(s) in order to recover Reserve Fund loans made for special fund expenditures. 4. AUTHORIZE the CAO to make technical corrections as necessary to those transactions included in the CAO report dated June 28, 2024, attached to the Council file, to implement Mayor and Council’s intentions. Fiscal Impact Statement: The CAO reports that there is no General Fund impact resulting from the actions recommended within said CAO report, as the 2023­24 and 2024­25 Budgets do not assume the repayment of these loans. In addition, these actions will not impact the current status of the Reserve Fund.