COUNCIL AGENDA ITEM
SUBJECT:
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Resolution 2026-R-37 Internal Revolving Line of Credit from Fund 001 General Fund to Fund 448 Stormwater Utility Fund
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DEPARTMENT:
Finance
SUMMARY:
The City of Edgewater may utilize internal financing between funds to address temporary cash flow needs. Resolution 2026-R-37 authorizes the establishment of an internal revolving line of credit from Fund 001 "General Fund" to Fund 448 "Stormwater Utility Fund" for temporary cash flow financing purposes.
The revolving line of credit will allow advances and repayments to occur as needed, as determined by the City Manager and Finance Director, with the outstanding aggregate principal balance not to exceed $2,000,000 at any time. Interest will be calculated monthly on the average monthly outstanding balance using the average monthly Florida Prime 1-Day SEC Yield. The resolution also provides for the necessary budget adjustments to the Fiscal Year 2025-2026 budget.
Fund 448 Stormwater Utility Fund shall repay all principal and accrued interest as fund cash balances become available. The line of credit shall remain available until modified or terminated by City Council action.
BUDGETED ITEM: ☐ Yes ☒ No ☐ Not Applicable
BUDGET AMENDMENT REQUIRED: ☒ Yes ☐ No ☐ Not Applicable
RECOMMENDED ACTION:
Motion to approve Resolution 2026-R-37