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Councilors question timing of large transfers into housing funds in amendment to fiscal‑year budget
Summary
Councilors questioned a budget amendment that moves interest and bond‑related funds into housing accounts; finance staff said the transfers reflect accumulated capital‑project interest and end‑of‑bond accounting and are timed to align with debt service for affordable‑housing projects.
Council members questioned a fiscal‑year budget amendment that moves capital‑project interest and bond funds into the city’s housing accounts, asking why the transfers were being made late in the fiscal year and how the money will be used.
Councilor Cook asked why the amendment increased a housing fund from 20,000,000 to 27,000,000 and another from 57 to 70 (figures reported in the staff memo), calling the increases "quite large." Tim Floorer, head of the finance department, told the council the amendment packages accumulated interest…
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