West Haymarket JPA reports on bond payments, cash position and occupation tax collections

The West Haymarket Joint Public Agency heard a financial update and approved the payment register and expenditure reports for the period covering November 2024 through March 2025.

City finance staff presented a breakdown of payments and year‑to‑date expenditures, saying debt service dominated the period’s disbursements and that the JPA remained current on its bond obligations. The board unanimously approved the payment register and related reports, 3‑0.

The finance presentation showed debt service made up the largest portion of payments during the period: principal accounted for about 45.2% of payments and interest about 29.2%. District Energy Corporation utility payments of roughly $1,300,000 represented about 5.8% of the total, and an initial payment toward the scoreboard replacement also appeared in the register. The presenter said items with associated revenue were noted in the register and that most remaining expenditures were previously approved operating and capital outlays.

Staff highlighted the expenditure report showing the JPA at about 58.3% through the fiscal year (seven of 12 months) and having spent 53.3% of its budgeted “other services and charges” category to date. The report lists a beginning fiscal‑year cash balance of $51,500,000 and a cash balance of $58,700,000 as of March 31, with a reduction of about $2,800,000 consistent with planned capital improvements. Staff said the JPA still projects an end‑of‑year cash balance of about $41,500,000, which matches the approved budget projection.

Board members asked whether the presented figures reflected items on the current consent agenda; staff said the reported numbers included the expenditures up for approval that day. Board members also asked a hypothetical question about whether the cash balance could cover two years of annual principal and interest obligations; staff responded that, based on the figures discussed in the meeting, the JPA’s current cash balance would cover roughly two years of the JPA’s annual principal and interest obligations of about $23,000,000.

The packet also included a Pinnacle Bank Arena income statement and an occupation tax update. Occupation tax receipts were reported at $13,200,000 compared with a budget of about $13,300,000, representing a roughly 3.8% increase from the prior year. Staff said occupation tax receipts have exceeded earlier projections made when the arena and related development were first planned.

No members of the public spoke on the financial reports before the board voted to approve the payment register and accept the expenditure reports.