Town Center bond paid off; operating costs remain in FY26 budget

At the July 15 budget workshop city staff confirmed the bond for the Town Center building has been paid off and the city will no longer have that mortgage payment in the FY26 budget. Bob, presenting the Town Center budget, told commissioners “We owe, 0. 0. 0. Bond is paid off as of June 1.” Commissioners and staff discussed that the debt service line is separate from the capital/building improvements line; staff noted building improvements were held to $0 in capital for FY26 as funding was limited.

What remains in the operating budget: staff said the Town Center operating budget line for FY26 is about $514,000, with large recurring items being contract services (security and janitorial) and utilities for the building. Bob explained those items show as expenses and franchise fees from utilities appear on the revenue side; the operating page does not net revenues against expenses. The mayor and commissioners noted the elimination of the bond payment will be a recurring long‑term saving for the general fund.

Ending: No formal action was taken; staff will keep the building’s operating lines in the FY26 budget while holding capital building improvements at zero pending funding decisions.