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IDC amends FY2025 operating budget to record debt service for 2024 certificates of obligation
Summary
The Industrial Development Corporation voted unanimously to amend its operating budget by $1,364,575 to record debt service payments associated with 2024 certificates of obligation issued for the 14th Street and South Shore Drive pump station project.
The Industrial Development Corporation voted Monday to amend its fiscal-year 2025 operating budget and increase various budget accounts by $1,364,575 to record debt service on certificates of obligation issued in 2024 for the Fourteenth Street and South Shore Drive pump station project.
Michelle (staff member) told the board the change was a housekeeping measure: the city issued the COs after the IDC’s budget was adopted, so the board needed to amend the IDC operating budget to correctly record the required debt-service payment. The amendment will be forwarded to City Council in June for the council’s formal amendment of the city budget.
Mayor Brown made the motion to amend the operating budget and Council member Lewis seconded. The board voted in favor; the motion passed unanimously.
The board placed the budget amendment on its June City Council agenda for final action by the council as part of the city’s budget amendment process.
