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STAFF REPORT <br /> PAGE THREE <br /> AUGUST 2 , 1993 <br /> source of financing for capital items and is helping to keep <br /> property taxes down. Because interest earnings only are used the <br /> amount available for capital items varies with the level of <br /> interest rates. We are now in a period of very low interest <br /> rates. Our estimate for interest earnings for 1994 is $44,900. <br /> If interest earnings were used for the City Hall Expansion <br /> /Remodeling Project no funds would be available for other capital <br /> items for approximately three years. I would not recommend the <br /> use of Special Projects Fund as a financing source for the <br /> project. <br /> RECOMMENDATIONS: <br /> • Set up an interest bearing interfund loan from the <br /> Water Fund to the Golf Course fund in the amount of <br /> $250, 000 for the Golf Course Project. <br /> • Consider making permanent transfers from the Water and <br /> the General Fund to the City Hall Expansion /Remodeling <br /> Project Fund in both 1993 and 1994 to minimize the <br /> impact of the transfers. <br /> • Consider making permanent transfers from the Sewer Fund <br /> to the City Hall Expansion /Remodeling Project Fund in <br /> both 1993 and 1994 if the Fund has sufficient net <br /> income. <br /> Should you have any questions please do not hesitate to contact <br /> me. <br />