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Angleton finance staff reports unspent bond balances; North Parish–Silver Saddle project short by about $808,000
Summary
Finance staff told council the city has remaining bond balances that leave the North Parish–Silver Saddle street project short roughly $808,000 and reviewed other bond programs and an outstanding FEMA reimbursement issue.
Finance Director Susie presented the city’s unspent bond report and told the council that, as of the end of fiscal year Sept. 30, several bond funds carry remaining balances but only four bond series are active.
Susie said the 2018 street improvement bond has about $722,000 remaining; combined with $2,000,000 in the city’s street fund, the North Parish and Silver Saddle project (cost listed in the report as $3,403,742) would still be short approximately $808,000.
She summarized the 2022 bond program (covering projects such as the annex and fire station), the 2024 parks bond (which staff said is largely covered by grants and other funding), and an emergency bond account. Susie said the emergency bond funds have largely been spent on awarded projects and that FEMA reimbursements for some eligible work have been awarded but not yet received; the city therefore may need to record receivables and noted there is timing uncertainty around FEMA reimbursements.
No formal vote was required; this was an informational report to help council and staff plan for any additional bond or funding requests.
Next steps: staff will continue project budgeting, return to council with bond or funding recommendations where shortfalls exist, and follow up on FEMA reimbursement timing.
