CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of the Finance and Administrative Services Fund; authorizing interfund loans up to a total of $8,000,000 from the Fleet Capital Fund and $2,000,000 from the Wheelchair Accessible Fund to the Finance and Administrative Services Fund for financing of FEMA-eligible COVID-19 response expenses.
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WHEREAS, the Department of Finance and Administrative Services used the Finance and Administrative Services Fund to pay for COVID-19 mass vaccine sites expenses, COVID-19 testing centers expenses, and other COVID-19 related expenses that are eligible for FEMA reimbursement; and
WHEREAS, while reimbursement is guaranteed by the federal government, the exact timing of when the City will receive federal funds is not certain due to the scope of the COVID-19 public health emergency and federal review requirements - including a new 'desk audit' implemented by FEMA for state-level spending;" 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 Finance and Budget Directors have determined that there is no viable alternative available for advancing a core City objective; and
WHEREAS, the Director of Finance and the City Budget Director have determined that this interfund loan request is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, there is sufficient cash in the Fleet Capital Fund to support a primary interfund loan of up to $8,000,000 through December 31, 2023 and still meet regular budgeted operating needs; and
WHEREAS, there is sufficient cash in the Wheelchair Accessible Fund to support a secon...
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