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Local Building Authority adopts final budget to cover bond payments for new city hall/library
Summary
Trustees approved the Local Building Authority’s FY2025–26 budget, which is primarily allocated to annual payments on the bond issued for the city’s new city hall and library project.
Trustees of the Local Building Authority (LBA) approved the LBA’s final FY2025–26 budget at the council meeting on May 6. Staff said the budget’s primary purpose is to fund the annual bond payment tied to the new city hall/library project.
The public hearing on the LBA budget drew no public comment. A trustee moved to approve the public hearing item and minutes; the motion passed unanimously with trustees Barton, Karn, Macomber, Wadman and Whelden recorded as voting Aye.
Staff clarified that the LBA budget figure represents annual debt service on the bond and that no other programmatic spending is planned under this budget.
