CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of the Seattle Department of Transportation; authorizing the extension of the loan of funds in the amount of $25,000,000 from the Information Technology Fund to the Transportation Fund to support essential transportation programs as authorized in Ordinance 126227; and ratifying and confirming certain prior acts.
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WHEREAS, Ordinance 126227, passed November 23, 2020, authorized an interfund loan in the amount of $25,000,000 from the Information Technology Fund to the Transportation Fund, with the loan to be repaid no later than December 31, 2024; and
WHEREAS, the COVID-19 pandemic and associated decline in revenues related to parking and transportation resulted in revenue loss to the Transportation Fund and, unlike many City programs, such losses in revenue were not eligible to be back-filled with federal pandemic relief dollars; and
WHEREAS, the parking and transportation-related revenue that supports the Transportation Fund continues to be impacted following the COVID-19 pandemic and required the Seattle Department of Transportation (SDOT) to request a second interfund loan that was authorized by Council in Ordinance 124639 in 2021 and that was repaid in 2022; and
WHEREAS, the extent of revenue loss requires more time for the Transportation Fund to replenish stabilization reserves than was anticipated at the time that the loan was authorized to guard against future unexpected fiscal cycles; and
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of 90 days or more; and
WHEREAS, in the normal course of business the City may temporarily lend cash between funds to maintain required balances; and
WHEREAS, regarding use of the proceeds of this interfund loan for operating costs, the Director of Finance and City Budget Director have determined that there is no...
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