Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Action
Item Title:
title
FY25 Budget Amendment: FY25 Debt Service Fund Budget Appropriations
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Suggested Action:
recommendation
I am move that the Mayor and Council amend the FY25 Debt Service Funds Budget appropriations and authorize the Treasurer to adjust the appropriations to reconcile the cost associated with the sale of the FY25 General Obligation Bonds authorized in Resolution 2024-01 approved by the City Council on July 15, 2024.
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Summary Background:
On July 15, 2024, the Council passed Resolution 2024-01, a resolution authorizing the issuance and sale of general obligation bonds in an original aggregate principal amount not to exceed $17,500,000. The sale of the bonds took place on August 20, 2024. The city has received the proceeds from the sell and is now adjusting the FY25 Debt Service Funds Budget appropriations to reconcile all cost associated with the sale of the FY25 G.O. Bonds.
Next Steps:
To adjust the FY25 Debt Service Funds Budget appropriations to reconcile all costs associated with the sale of the FY25 G.O. Bonds.
Fiscal Impact:
The adjustment to the FY25 Debt Service Budget appropriations will increase.
City Administrator Comments:
Recommends approval.
Community Engagement:
The bond ordinance is posted on the City’s website.
Strategic Goals:
Goal 1 - Ensure Transparent and Accessible Governance
Legal Review Required?
N/A