HomeMy WebLinkAboutstaff agenda report Interfund Loan Solid WasteKittitas 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