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Council closes Josephine CDC account, transfers remaining funds to city general fund pending MDD setup
Summary
The council approved the FY2024–25 annual budget for the former Josephine Community Development Corporation and a resolution transferring remaining JCDC funds to the city’s general fund while the Municipal Development District (MDD) is being stood up; motion carried 4-1.
The City of Josephine on Sept. 8 approved the fiscal year 2024–25 budget for the former Josephine Community Development Corporation (JCDC) and adopted a resolution transferring the remaining JCDC funds, less bank fees, into the city’s general fund and closing the JCDC bank account.
Discussion centered on a Municipal Development District (MDD) account that staff reported is already open and receiving state deposits. Some council members argued the remaining funds should be moved…
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