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Perry City RDA adopts FY2025–26 budget; minutes corrected for May meeting
Summary
The Perry City Redevelopment Agency voted to adopt Resolution 2025-01 approving the redevelopment agencyf9s fiscal year 2025 26 budget and approved corrected minutes for a May meeting; staff said the agency will retain the beginning fund balance for future development and to allow the city to be reimbursed next year.
The Perry City Redevelopment Agency on June 26 adopted Resolution 2025-01, approving the agency—s fiscal year 2025—26 budget and approved a correction to minutes from a May meeting, agency staff and board members said.
Agency staff described the adopted budget as unchanged from the tentative version previously reviewed. Miss Johnson, staff member, said the agency does not plan to spend its beginning fund balance in the coming year and will use administration fees and a planned contribution; the remaining balance will remain available for future development within the redevelopment area. "I think we want to do that so that you can use your tax increment next year to pay back to the city too," Miss Johnson said, describing the agency—s plan to allow the city to be reimbursed from tax increment before retaining those revenues in the RDA.
The budget discussion centered on handling of tax increment and sales tax revenues. Miss Johnson told the board the agency—s approach is to leave the beginning fund balance intact so the city can be reimbursed next year; after full reimbursement, the RDA would retain future tax increment revenues for use within the redevelopment area. Because the transcript contains several numeric fragments that are not clear, specific dollar totals cited during the meeting are recorded in the meeting record as not specified here.
Board members also addressed an error in the minutes for the May 8 RDA meeting. Miss Johnson said the minutes incorrectly described the action taken in May; the actual action was an acknowledgment of receipt of the tentative fiscal year 2025—26 RDA budget rather than formal adoption. The board directed staff to correct the minutes and update dates and language accordingly.
A motion to adopt Resolution 2025-01 passed on a roll-call vote. Board member Young voted yes; Board member Walker voted yes; Board member Osler voted yes; Board member Wright voted yes; Board member Tueller voted yes. The board then approved consent items for the May 8 RDA meeting with amended dates and adjourned the meeting.
The agency did not identify additional specific spending commitments during the vote; staff said funds left in the beginning balance will be available for future development projects in the redevelopment area after the city is reimbursed. The minutes will be corrected to reflect the acknowledgment taken in May and updated language and dates for the agency—s records.
