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Oak Park adopts midyear budget amendment and reports $10 million bond sale for community center work
Summary
Council approved Budget Amendment No. 3, which staff said has no net impact on general fund balance, and city officials reported a $10 million bond sale for predevelopment and demolition on the community center project with a true interest cost of 4.71%.
The Oak Park City Council on Tuesday adopted Budget Amendment No. 3 for fiscal 2024‑25 and heard a report that the city sold $10 million in bonds to finance predevelopment and demolition work on the planned community center.
Finance Director Sandra Crawford told the council that budget amendment number 3 has no net impact on the general fund's overall balance and reflected adjustments including higher-than-anticipated licenses and permits, increased property tax administrative fees, higher IT subscription costs, and adjustments to grant revenues and transfers across funds. Crawford said the amendment keeps the estimated general fund balance at approximately 17% of annual expenditures.
Council also received an update on the city's bond sale. City Manager Eric Tongate said the city sold $10 million this morning for the community center predevelopment and demolition and that the true interest cost was 4.71 percent — slightly better than staff expectations. Tongate said the $10 million represents part of a larger $40‑plus million borrowing plan for the community center, with the remainder to be issued later.
Tongate noted the city holds a stable A+ rating from Standard & Poor's Global Ratings and that the successful sale reflects investor confidence. Council did not take further action beyond the budget amendment vote; staff emphasized that the first bond issuance was intentionally limited so the city would not pay interest on unused proceeds.
