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Budget committee shifts $841,784 from economic development loan fund to general contingency as urban renewal payments fall short
Summary
Committee voted to move $841,784 from the Economic Development Loan Fund into the general fund contingency (leaving $60,000 for development uses) after staff told members the Urban Renewal Agency(URA) cash flow cannot meet scheduled payments to the general fund in the short term; members also approved reducing URA debt service by $300,000.
The City Budget Committee voted to transfer $841,784 from the Economic Development Loan Fund into the city—s general fund contingency, leaving $60,000 set aside for economic development work, and approved a $300,000 reduction in Urban Renewal Agency debt service to reflect lower-than-expected cash flows.
Staff told the committee a preliminary consultant report and internal projections show the URA can meet bond and SDC loan obligations but is "not sufficient to support the scheduled payments to the general fund in the short term," a staff member said. The agency—s activity is about $2,100,000 behind projections made in 2016, the staff member said.
The action was framed as fiscal triage: the transfer to contingency is intended to keep the general…
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