Forest Park URA reviews draft FY2025–26 budget; finance director details sale proceeds and investments

The Forest Park Urban Redevelopment Agency on Tuesday reviewed a draft operating budget for fiscal year 2025–26, discussed how a recent property sale changed revenue expectations and received a monthly financial report showing substantial investment income.

Board members were presented with a draft that largely mirrors the current year’s spending levels but reduces the budgeted sale proceeds previously anticipated from Project Splash. Staff said last year’s budget had assumed roughly $14,000,000 in sale proceeds; the draft for 2025 reduces expected proceeds to $5,000,000 because the Project Splash sale is largely complete. Finance staff later told the board the closed sale generated about $13,000,000 in proceeds.

The nut of the change is that without the larger one‑time sale proceeds the URA will not have the same one‑time revenue available in 2025; board members and staff discussed modest increases and decreases across operating lines to reflect that shift.

Finance Director Wiggins walked the board through the draft and monthly financial packet. Highlights staff pointed to included a reduction in the computer equipment line because iPads and related acquisition costs anticipated in the prior year are no longer needed; a $15,000 increase to consulting to cover a reported $9,000 overage; and a $40,000 increase to professional services to cover outstanding contracts and landscape fees.

Wiggins also summarized bank and investment activity. The URA moved a large portion of idle cash into the state investment vehicle Georgia Fund 1. The board was told roughly $30,000,000 has been placed in accounts, split into multiple holdings; one account balance cited was $17,397,002.98. The finance report noted $1,597,004.64 of investment income had been reinvested into URA funds in the period shown.

Board members also asked about contracted partnerships. Staff said the URA has a blanket purchase order for the Partnership for Southern Equity and that one recent check to that partner was about $10,500. Staff offered to provide an exact remaining contract balance to board members the following morning.

The board did not adopt the budget at the meeting; the document was presented as a draft and staff said they will return with updated figures, including a clearer estimate of costs for planned road repairs, at the July meeting.

Votes at a glance

- Approval of the meeting agenda (removal of item 2; added draft FY2025–26 budget): motion by Avery Wilson; second by Elliot Lawrence; approved. (Transcript: “All in favor? Aye.”) - Adoption of minutes as provided: motion reported as moved by Elliot Lawrence and seconded by Avery Wilson; approved with an abstention by Melanie Carter. (Transcript indicates an abstention.) - Reimbursement to the city for outstanding Property Owners Association dues (see separate item): motion by Avery Wilson; second by Elliot Lawrence; approved (see separate article). - Motion to go into executive session to discuss real estate and litigation: motion by Avery Wilson; second by Elliot Lawrence; approved.

Why it matters

The draft budget determines how the URA will fund operations, maintenance of URA‑owned rights of way and professional contracts. Changes in the timing and amount of one‑time sale proceeds affect both near‑term capacity for capital work and the amount of operating reserves invested for income.

What’s next

Staff said they will provide a refined number for road repairs tied to work at Metcalfe and Flankers and will return with an updated draft at the July meeting. Finance staff also offered to provide a full accounting of Southern Equity contract expenditures on request.

Ending

Board members did not adopt the budget at this meeting; the draft will be updated and revisited at the July URA meeting.