Policy: 6021

Section: 6000 - Management Support

Title: Interfund Loans

Status: Active

Adopted: May 25, 1995

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Interfund Loans

Interfund loans between the general fund, the transportation vehicle fund, the capital projects fund or the debt service fund may be used to alleviate a temporary cash deficiency.

Such loans will not be used to balance the budget of the borrowing fund, nor will they deter any function or project for which the fund was established.

The board must adopt a resolution before any interfund loan transaction takes place. The resolution will contain the exact amount of the loan, the funds involved, the specific source of funds for repayment, the schedule for repayment and the interest rate involved.

Legal References: 

RCW 28A.505.150 Budgeted expenditures as appropriations — Interim expenditures —Transfer between budget classes — Liability for non-budgeted 

                           expenditures

WAC 392-123-135 Interfund loans—Definition

Adoption Date: 05.25.95

Ferndale School District

Revised: 09.30.14