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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of June 17, 1997 <br />TO: Honorable Mayor and City Council <br />APPROVAL: Gracie Fernandez Harmon, Acting City Manager <br />FROM: Anna A. Vega, Finance Directo <br />SUBJECT: General Fund Loan to Cemetery in the Amount of $35,000 <br />DATE: June 10, 1997 <br />BACKGROUND <br />Historically the Cemetery Fund has been operating at a deficit. Revenues from sales <br />have not been sufficient to cover ongoing operating expenses. <br />DISCUSSION/ANALYSIS <br />In the 1996-97 budget, a $25,989 loan was authorized from the General Fund to the <br />Cemetery Fund. However, it is now projected that the Cemetery will incur an additional <br />$35,000 operating loss in fiscal year 1996-97. Therefore, an additional $35,000 loan <br />from the General Fund is necessary in order for the Cemetery to be able to meet its <br />obligations. <br />ALTERNATIVES <br />None. <br />FINANCIAL IMPACT <br />$35,000 from General Fund reserves will be utilized to fund the loan to the Cemetery. <br />Anna A. Vega, Finance airOkctor <br />ENVIRONMENTAL IMPACT <br />None. <br />RECOMMENDATION <br />Staff recommends that the City Council make an additional $35,000, non-interest bearing loan, <br />to the Cemetery Enterprise. These funds to be repaid at such time that funds are available in <br />the Cemetery Enterprise. <br />Item No • 9 <br />