Explanation
Background:
Many grants and projects with the City require initial expenditures by the City with subsequent reimbursement by the grantor or lender. This legislation will simply authorize and provide cash flow capabilities for the City to continue the construction of projects and/or the services while waiting for such reimbursement.
Based on review of outstanding and/or pending reimbursement requests for certain capital grants, in addition to the more traditional operating grants, authorization of $5,000,000.00 per grant/project is requested.
Fiscal Impact: None. Advances authorized herein are temporary.
Emergency Designation: Emergency action is requested to ensure that these temporary advances are processed prior to fiscal year end deadlines, preventing construction and project delays related to reimbursement timing.
Title
To authorize the advance of funds to grants and projects of up to $5,000,000.00 per grant or project; and to authorize the reimbursement of such advances on the receipt of such monies from the originating grantor or lender; and to declare an emergency. ($5,000,000.00)
Body
WHEREAS, many grants and projects with the City require initial expenditures by the City; and
WHEREAS, such expenditures are subsequently reimbursed to the City from the grantor or lender; and
WHEREAS, temporary advances of funds can prevent any potential interruption of services or construction dependent on these grants and projects; and
WHEREAS, based on review of outstanding and/or pending reimbursement requests for certain capital grants, in addition to the more traditional operating grants, authorization of $5,000,000.00 per grant/project is requested; and
WHEREAS, an emergency exists in the usual daily operation of the Auditor's Office in that it is immediately necessary to authorize these temporary advances so that they may be made by fiscal year end deadlines, preventing construction and project delays related to reimburse...
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