City Council

11. Approval of an Internal Transfer and Repayment Plan from the Measure BP Fund to Partially Fund a Recent Settlement It is recommended that the City Council: 1. Approve the proposed internal transfer and repayment plan from the Measure BP Fund in the amount of $6,000,000, with 0% interest; and 2. Authorize the Director of Finance to make necessary appropriation, budget adjustments, set up the repayment plan and related accounts; and 3. Authorize the Director of Finance to transfer $6M from the Measure BP Fund to replenish the General Fund Reserve and transfer $9.35M from the General Fund Reserve to the Internal Insurance Fund to record the settlement payment.