Forest Park URA reviews February 2025 financials; staff explains loan transfers and SPLOST handling
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Summary
Finance staff presented the February 2025 URA financial report on March 13, including bank balances, transfers related to debt service, Georgia Fund 1 totals, and SPLOST-derived transfers used to cover loan payments.
City finance staff presented the Urban Redevelopment Authority's February 2025 financial report at the March 13 URA meeting, summarizing account balances, transfers for debt service and the status of funds held for loan repayment.
The presenter, identified in the meeting as Jay, showed two main URA checking accounts and a Georgia Fund 1 balance. Jay reported a bank account ending balance of about $3,000,007 and a second account ending balance of approximately $3,366,004.94. He also reported a Georgia Fund 1 balance of roughly $4,300,002.76 and noted reinvestments occurring in that fund.
Jay explained that transfers had been made into operating accounts to ensure funds were available for upcoming debt-service payments. He said some transfers came from a 2021 SPLOST allocation (referred to in the meeting as "Splash 2021"), including about $1.6 million transferred to cover debt-service obligations on a loan identified as loan 0059. Jay said the URA has multiple loans and that staff tracks debt-service schedules; he noted the organization has automated payments so funds are available when payments come due.
During questions, a board member asked whether a roughly $28 million loan referenced in the discussion related to the city center; another attendee said they believed that loan was associated with the city center project. Jay and others said the larger loan balance was being held and accumulating interest in a Georgia Fund 1 account, but that the funds were not available for other spending. Jay said the URA now has two Georgia Fund 1 accounts separated to keep the $30 million reserve separate from other URA funds, at the direction of council leadership.
Jay also walked through bank statement details, departmental payment reports and encumbrances showing payments that had not yet cleared the bank. He said some checks attributed to January activity posted in February and that the statement packet included the Truist loan statements associated with upcoming debt-service dates. Jay said staff would continue to monitor transfers that fund loan payments and noted that the SPLOST collections are scheduled to end in 2027 according to the statement data shown in the packet.
There was no formal vote on the financial report; the URA accepted the presentation and proceeded with the agenda.
