HomeMy WebLinkAboutPR 20474: WATER AND SEWER ENTERPRISE FUND P.R. No. 20474
09/21/18 vrt
RESOLUTION NO.
A RESOLUTION AS IT PERTAINS TO THE CITY OF PORT ARTHUR'S
WATER AND SEWER ENTERPRISE FUND
WHEREAS, pursuant to Chapter 102 of the Texas Local Government Code, the
City of Port Arthur is required to prepare an annual budget to cover its proposed
expenditures each year; and
WHEREAS, accordingly, annually the budget must contain a complete financial
statement of the municipality that shows the outstanding obligations of the
municipality, the cash on hand to the credit of each fund, the funds received from all
sources during the preceding year, the funds available from all sources during the
ensuing year, the estimated revenue available to cover the proposed budget, and the
estimate tax rate to cover the proposed budget; and
WHEREAS, over a period of years, funds were utilized by the Water & Sewer
Enterprise Fund, from the General Fund, to cover the costs of water and sewer
operations. The Comprehensive Annual Financial Report (CAFR) for the Fiscal Year
Ended September 30, 2017 lists the total of those transfers as a Long-term Interfund
Loan payable by the Water and Sewer fund to the General Fund; and
WHEREAS, the Long-term Interfund Loan payable by the Water and Sewer fund
to the General Fund is approximately $54,168,420.00; and
WHEREAS, the City Council deems it in the best interest of the citizens of Port
Arthur to permanently cancel the outstanding Long-term Interfund Loan payable to the
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General Fund by the Water and Sewer Enterprise Fund and permanently deem any
amounts owed, as of September 30, 2018, paid in full.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PORT ARTHUR:
Section 1. That the facts and opinions in the preamble are true and correct.
Section 2. That City Council hereby authorizes the permanent cancellation of
the Long-term Interfund Loan payable to the General Fund by the Water and Sewer
Enterprise Fund, as of September 30, 2018.
Section 3. That a copy of the caption of this Resolution shall be spread upon
the Minutes of the City Council.
READ, ADOPTED, AND APPROVED, this day of , 2018 AD,
at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the
following vote: AYES:
Mayor: ,
Councilmembers:
Derrick Ford Freeman, Mayor
ATTEST:
Sherri Bellard, City Secretary
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APPROVED AS TO FORM:
7,(,e
Valecia R. Tizeno, City ttorney
APPROVED FOR ADMINISTRATION:
Harvey Robinson, Interim City Manager
Andre Vasquez, Financial Director
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