staff agenda report Interfund Loan Solid Waste

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Kittitas County Board of County Commissioners Agenda Staff Report Agenda Date: September 18, 2018 Action Requested: Request the Board approve a Resolution to pay off a interfund loan in the amount of $1,093,084.92 plus interest from General Fund to Solid Waste Background: On July 2, 2013, the Board of County Commissioners signed an agreement with Washington State Department of Commerce for the Energy Efficiency Grant for the amount of $330,384 and the total project of $1,321,618. The Board of County Commissioners signed a Notice of Intent to finance this project in the amount of $850,000. As of this date, the amount of the project spent is $725,945, and the project is still not completed. On August 6, 2013, the Board of County Commissioners awarded the Armory Renovation Project to Belsaas and Smith, in the amount of $1,369,000. This was to complete the project that had not been completed by a previous contractor. The total costs above the bond were $800,000. For a total Loan of amount of $1,525,945 At the Finance Study session held with the Board of County Commissioners on August 29, 2018, the Board agreed to move forward with the payoff of this loan. The County Treasurer has calculated the interest due from May 2, 2018 until September 18, 2018, in the amount of $12,577.96 The Board of County Commissioners directs the County Treasurer to pay off the loan from the General Fund principle $1,093,084.92 and interest at $12,577.96 for a total of $1,105,662.88 to Solid Waste effective September 18, 2018. Recommendation: Request the Board approve a Resolution to pay off a interfund loan in the amount of $1,093,084.92 plus interest from General Fund to Solid Waste Handling: Return one original to Judy Pless Lead Staff Judy Pless, Budget and Finance Manager