Red Oak council adopts year-end budget amendment recognizing $14.47 million in bond proceeds

The Red Oak City Council on Tuesday approved Ordinance 25-049, amending the fiscal year 2024–25 official budget to recognize $14,467,558.70 in additional net revenue, largely to record proceeds from recently issued debt and to perform an internal fund transfer related to utility projects.

City staff described the measure as a year-end cleanup. The first two line items in the amendment recognize bond proceeds received during the year, net of issuance costs; an additional item is an intra-city transfer moving previously authorized 2023 bond funds for utility projects into a separate fund to improve accounting and project tracking. Staff said the transfer is an in-and-out movement between funds and does not increase appropriations beyond recognizing the revenues.

Asked about public visibility of the change, staff said the updated figures will be reflected in the final budget documents that the city publishes; there may be no separate web update aside from the updated final budget. Councilman Miller moved approval of Ordinance 25-049; Councilmember Flannery seconded. The motion passed 5-0.