Interfund Loans to Ease Shortages
Budget Director Stephanie Russ introduced the policy revision (No. 29-01) that allows for Interfund Loans. Put simply, a budget fund with a shortage could borrow from another fund. Such a policy will prevent the necessity to secure external loans, which are accompanied by interest and fees. This has been common practice, however an official policy has never been written. This policy was approved by the board unanimously.