Title
Consideration of and action on an ordinance to amend the Fiscal Year 2024-2025 Debt Service Fund Budget.
Body
Summary:
The Fiscal Year 2024-2025 Budget for the Debt Service Fund did not include the estimated September 2025 interest payment for the series 2025 certificates of obligation due to the debt being issued in March 2025, months after the Fiscal Year 2024-2025 Budget was adopted. Due to the interest payment not being included in the budget, the Debt Service Fund Budget experienced a net variance of $29,853.50. A budget amendment for $30,000.00 is requested to appropriate the additional funds necessary to fully fund the Debt Service Fund for the Fiscal Year. The additional appropriation would be funded by the unassigned fund balance of the Debt Service Fund.
Note: Capitalized interest was paid to the City at the time of closing to cover the September interest payment, which was $126,778.78.
Fiscal/Budgetary Impact:
Add $30,000.00 to the Fiscal Year 2024-2025 budget for the Debt Service Fund (Account No. 200-900-45280, Interest Payments), to be funded by the unassigned fund balance of the Debt Service Fund, which is available for this purpose.
Recommended action
Approve the ordinance to amend the Fiscal Year 2024-2025 Budget for the Debt Service Fund.