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Council to correct funding source for Truett Street community center expansion
Summary
Finance staff asked council to amend ordinance 2883 to reallocate $55,325 from general fund interest to cover a financing error for the Truett Street Community Center expansion because the project was not included in the original bond pool.
Finance Director Sandy Green asked the council to approve an ordinance correcting a funding error for the Truett Street Community Center expansion.
Green explained that ordinance 2883 had allocated $55,325 from interest earnings on bond proceeds but that the community center project was not included in that bond pool, so interest from that bond cannot be used. "An easy fix for this is just asking to reallocate, $55,325 from the city's general fund interest instead," Green said.
Councilmembers had no substantive questions about the clerical correction and signaled consensus to move the correcting ordinance to the legislative docket.
