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This $851,024 loan was to be paid back incrementally to Optional Sales Tax as the fund was able <br />to do so each fiscal year-end. A total of $250,000 was paid back at the end of fiscal year <br />2020/2021, leaving a current balance of $601,024. <br />Although COVED -19 had an initial negative impact on local tourism, the industry has since <br />rebounded and the Tourist Development Fund is now able to reimburse the Optional Sales Tax <br />Fund for the current remaining balance of $601,024. Staff will add this entry to the next budget <br />amendment that is brought before the Board. <br />Staff Recommendation <br />Staff recommends approval for interfund borrowing as necessary to cover any cash deficits of <br />individual funds that may occur, as well as the payback of $601,024 to the Optional Sales Tax <br />Fund from the Tourist Development Fund. <br />Distribution: <br />Elissa Nagy, Finance Director <br />16 <br />