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Baker Tilly: $5.2M ending cash balance; theater roof unknowns may trigger reappropriation or encumbrance
Summary
Baker Tilly reported an ending June cash balance just over $5.2 million and an available balance of about $4.7 million; committee members said uncertainty over the Indiana Theater roof estimate could require a reappropriation and discussed encumbering 2025 funds if an invoice is available by October or November.
Kyle from Baker Tilly told the finance committee that the community investment board’s ending cash balance in June was just over $5,200,000, with roughly $4,700,000 available, and that the board received a $250,000 contribution from Citi in June. Kyle said the bond payment was made in July and that Baker Tilly prepared a month‑by‑month 2026 breakdown that uses Oakview’s budget in arrears and assumes a 10% inflation factor in many expense buckets and a 3% increase in insurance premiums.
Kyle said the committee left the fourth theater capital expense line at zero as a placeholder because the committee is awaiting a firm cost estimate for the Indiana Theater roof. "The ending cash balance at the June is just over 5,200,000.0, and of that available, just over 4,700,000.0," Kyle said.
Committee members and staff discussed next steps for the roof. One committee member asked whether the board could "encumber" funds from the 2025 budget line (identified in the meeting as 03/9135) for a project that would execute in 2026, explaining that an invoice by October or November could allow the board to pledge 2025 funds to a 2026 project and thereby reduce 2026 appropriation needs. Kyle said he would stay in communication with staff and expected paperwork on encumbrances to move forward in the fall. Another participant observed that proposals and contractor estimates contain "a ton of unknowns" and that it might be spring before a final roof cost is known.
Committee members said they anticipated a reappropriation at some point for the theater once the roof cost is firm. Kyle said he would work with staff, especially Chris, to produce an updated number before Chris’s Aug. 6 meeting with the county council budget committee. The committee did not vote on any budget reappropriation or encumbrance during the finance committee meeting; members described these as planning and budget‑timing discussions requiring further documentation and formal action at later meetings.
