Lee's Summit finance committee backs cashing reserves to fund Green Street Market, vehicle replacements and public-safety radio upgrades

The Lee's Summit Finance & Budget Committee on Feb. 3 recommended using parts of the city's unallocated fund balance to cash-fund the Green Street Market project, set aside money for vehicle and equipment replacement and pay for radio microwave infrastructure that supports regional public-safety communications.

The committee heard staff detail the city's midyear finances and a set of staff recommendations for using available reserves. "We presented and the final audit for FY24 ended up with a $48,300,000, almost $48,400,000 fund balance," Donna Lake, assistant city manager, told the committee. Under the city's fund-balance policy, Lake said, keeping the general fund at a 35% cap would allow roughly $14,320,000 to be spent without breaching the cap; after previously approved downtown-safety items and other commitments, Lake said about $12.7 million remained available to allocate.

Why it matters: Cash-funding part of the Green Street Market would avoid long-term debt costs and preserve borrowing capacity, while funding the vehicle-equipment replacement program (VERP) and communications upgrades would address near-term operational risks.

What the committee discussed and recommended

- Green Street Market: Staff…