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Comptroller says 2025 budget needs adjustment to cover bond-related advisory bills
Summary
Comptroller Charles Robinson told council the city failed to budget for some bond-related costs from last year and plans a transfer from the general and insurance funds into capital to pay bond counsel, fiscal advisers and rating-related fees.
At the July 28 work session, Comptroller Charles Robinson told the Lehi City Council that the 2025 budget needs an adjustment to pay bills tied to bonds issued in the prior year. “So it looks like we forgot to budget for some of the money to borrow money to fund the budget,” Robinson said.
Robinson said the unpaid invoices relate to bond counsel, financial advisers, Moody’s rating costs and publishing services for bond notices. He explained that those fees are normally charged to the capital fund lines associated with each bond and that last year the city issued two bonds rather than one; bills for those services arrived after the close of the 2024 books and are now being processed against the 2025 budget.
Robinson said some transfers will come from the general fund to the capital fund and that he would also move money from the insurance fund where appropriate; he noted current insurance reserves were modestly below forecast but added the city’s insurance position could change quickly if a few high-cost claims occur. Council members did not vote to expedite payment at the work session.
No dollar amounts for the transfers or invoices were provided in the transcript.
