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City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF SEPTEMBER 17, 1996 <br />TO: HONORABLE MAYOR AND CITY COUNCIL <br />APPROVAL: MALIK D. FREEMAN, INTERIM CITY MANAGER <br />FROM: ANNA A. VEGA, FINANCE DIRECTO <br />SUBJECT: MAYORS REQUEST ON STATUS ON THE $539,000 LOAN PAYMENT <br />DUE JUNE 30, 1996, FROM GENERAL FUND UTILITY USER'S TAX TO <br />ELECTRIC ENTERPRISE. <br />DATE: SEPTEMBER 11, 1996 <br />Attached is an interoffice memorandum submitted to the City Manager on July 12, 1996 <br />regarding Mayor Fulp's inquiry on the electric loan repayment and sanitation enterprise <br />purchase. The memorandum was circulated to the Mayor, City Council and <br />Management Team. <br />However, as an update on the loan payment to the Electric Enterprise, the payment <br />was consummated and booked (see attached journal entry) as of June 30, 1996. The <br />original 1995/96 fiscal year budgeted amount of $539,000 was reduced to $459,000 <br />due to the City Council action awarding funds for Gang intervention. <br />Attachments: Interoffice Memorandum Item No. 17 <br />Journal Entry for Loan Repayment <br />