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Capital improvement sales tax held as a project ‘holding account’; funds earmarked for roads, police and fire
Summary
Finance staff described the city’s capital improvement sales tax as a holding account that accumulates receipts until projects are ready. Revenues are projected around $9 million in 2025; transfers fund individual CIP projects and related debt service.
At the April 21 pre‑council meeting finance staff explained that the city’s capital improvement sales tax fund is designed to accumulate receipts and transfer them to project funds when work is scheduled.
‘‘This whole fund is…meant for that money to come in and get transferred to other funds,’’ Finance Director Matthew Lou said. Staff projected roughly $9 million in revenue…
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