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Trust adopts FY2026 budget; fund balance and project costs highlighted
Summary
The Oklahoma City Economic Development Trust approved the fiscal year 2026 budget after a presentation from General Manager Miss Boggs that emphasized fund balance, TIF commitments and anticipated project costs including a proposed multipurpose stadium allocation.
Miss Boggs, the Trust's general manager, presented the fiscal year 2026 budget to the Oklahoma City Economic Development Trust on June 17 and trustees approved the budget on a motion and second.
Boggs outlined revenue assumptions and major categories of spending and reserves, and she said staff used conservative estimates for ad valorem revenues across tax increment financing (TIF) districts. "We have $233,600,000 in revenue budgeted for FY '26," she told trustees, and she said fund balance was the largest source because of unspent allocations from prior years.
Key items Boggs detailed included a TIF portfolio totaling $160,000,000 covering downtown and redevelopment project areas, a GOLT program allocation of $40,900,000 that the presenter said manages affordable housing, job-creation incentives, film incentives and land acquisition, and a general economic development category at $38,500,000 for annual contracts such as Scissortail Park and the First Americans Museum.
Boggs said interest income in FY26 was budgeted at $5,700,000, and that sale of land was projected at $7,000,000 related to anticipated dispositions in the I-577 project area. She identified $156,400,000 in fund balance and noted that some fund balance is being used to cover near-term cash timing gaps: "This next slide . . . if you're seeing expenses higher than the revenues, we're using fund balance to fill in those gaps," she said.
On expenses, she highlighted project costs budgeted at $53,500,000, noting that the estimate includes $30,000,000 tied to a proposed multipurpose stadium in Bricktown (she said $20,000,000 would come from a specific TIF and $10,000,000 from GOLT). Debt service and reserve requirements were also listed; Boggs said debt-service allocations and a debt-service reserve together represent a significant portion of the budget.
A trustee asked whether the city's investments were still largely in money-market accounts; Boggs said about half of the funds are in money markets and the city treasurer has started investing some funds with returns that have been favorable over the last two years.
Trustees moved and seconded the budget item and approved it in the meeting. The transcript does not record a roll-call tally.
