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Council approves $1.25M interfund loan to finish parks, recreation and pro shop improvements
Summary
Council approved a $1,253,037 promissory note moving funds from the electric fund to the general fund to pay for recreation center and Monroe Country Club pro shop improvements; repayment set over 10 years at 2% interest.
On Oct. 14, 2025, Monroe City Council voted to authorize an interfund loan of $1,253,037 from the city’s electric fund to the general fund to pay for near-completed improvements at municipal recreation centers and the Monroe Country Club pro shop.
Lisa Strickland, presenting on behalf of staff, said the projects were budgeted last year as installment-financed items and were expected to be wrapped into financing for Fire Station 6. Because the fire station financing has not advanced, staff requested the city borrow from the electric fund to cover the completed improvements.
Strickland told the council the amount borrowed will be repaid in annual installments “of just over $162,000” over 10 years at an interest rate of 2 percent, with repayment beginning in the current fiscal year. She asked the council to approve a promissory note and a capital-project budget ordinance to facilitate the financing.
A council member moved to adopt the ordinance and approve the promissory note; a second was recorded and the motion passed by voice vote with no roll-call tally recorded.
Council did not debate or amend the terms during the meeting. Staff said the projects covered by the financing include gym floor replacements, painting and other upfits at recreation centers and restroom and interior work at the Monroe Country Club pro shop.
The council did not at the meeting direct further action beyond approving the financing documents; staff will implement the repayment schedule and close the interfund loan per the approved promissory note.
