Title
Consideration of and action on a recommendation to City Council to amend the Fiscal Year 2022-2023 Community Development Corporation budget for bond related fees for Certificates of Obligation, Series 2022.
Body
Summary:
The Fiscal Year 2022-2023 budget for the Community Development Corporation included an estimated bond issuance cost for Certificates of Obligation, Series 2022 in the amount of $200,000.00. Upon receiving the final numbers, the actual issuance costs totaled $207,578.61. Due to the increase in actual issuance cost compared to the estimated cost, a budget amendment is necessary. The additional expenditure appropriation is to be funded by the unassigned fund balance of the Community Development Corporation, which is available for this purpose.
Fiscal/Budgetary Impact:
Add $8,000.00 to the Fiscal Year 2022-2023 budget for the Community Development Corporation (Account No. 850-900-45250, Other Bond Related Fees) to be funded by prior year revenue, which is available for this purpose.
Recommended action
Approve the amendment to the Fiscal Year 2022-2023 budget for the Community Development Corporation and submit to the City Council.