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Council committee backs creation of two project-specific capital funds totaling about $69.3 million
Summary
A City finance committee voted to send two bills to the Committee of the Whole creating nonreverting capital funds to hold bond proceeds for the Madison Lifestyle Project ($24,480,000) and the Fort Winds Field project ($44,860,000).
The Personal and Finance Committee voted to send two bills to the Committee of the Whole that would establish two project-specific capital funds to house bond proceeds for two development projects.
City Controller Kyle Willis told the committee that Bill 20-25 would create Fund 457 to hold $24,480,000 in bond proceeds for the Madison Lifestyle Project and that Bill 21-25 would create Fund 458 to hold $44,860,000 for the Fort Winds Field project. Willis described both as “capital funds” that will…
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