City Council

11.\nApproval of an Internal Transfer and Repayment Plan from the Measure BP Fund to Partially\nFund a Recent Settlement\nIt is recommended that the City Council:\n1. Approve the proposed internal transfer and repayment plan from the Measure BP Fund in the\namount of $6,000,000, with 0% interest; and\n2. Authorize the Director of Finance to make necessary appropriation, budget adjustments, set up\nthe repayment plan and related accounts; and\n3. Authorize the Director of Finance to transfer $6M from the Measure BP Fund to replenish the\nGeneral Fund Reserve and transfer $9.35M from the General Fund Reserve to the Internal\nInsurance Fund to record the settlement payment.