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TAYO projects smaller FY26 loss after $2.6M lot sale; board approves annual budget and relocation amendment
Summary
Finance staff presented an updated FY2026 budget showing a projected loss reduced to $176,000 after sale of 311 North Boulder for $2.6 million and contract renegotiations. Trustees adopted the annual budget and approved a housekeeping amendment shifting about $80,000 to cover furniture and moving costs for the seventh-floor relocation.
TAYO finance staff presented an updated FY2026 budget and a related housekeeping budget amendment tied to the authority—s planned move to a new seventh-floor office.
Lynn told trustees the projected FY26 loss had improved from a $210,000 projection (reported last month) to a $176,000 shortfall. The primary drivers she cited were the $2.6 million sale of the lot at 311 North Boulder and reduced consulting and relocation expenses (some relocation costs were moved into FY25). Lynn said interest on the proceeds (at 5%) also adds revenue relative to prior parking income projections.
On that basis, trustees approved the FY26 annual budget. The board then approved a budget amendment that reallocates roughly $80,000 among categories (legal consulting/insurance reallocations into capital expenditures and moving expenses) to pay for new furniture and certain moving costs tied to the seventh-floor move; staff said no new appropriation was required.
Staff emphasized timing: the seventh-floor relocation is imminent, IT and technology selections remain to be finalized, and furniture procurement was authorized to avoid delays during move-in. Trustees asked for follow-up on invoices and the move schedule.
Ending: With budget adoption and the amendment approved, staff will execute the move and purchase furniture and report back with financial reconciliation and a completion update.
