TIRS Zone No. 1 board approves June minutes and fiscal-2025 financial report

At its October 2025 meeting the TIRS (Tax Reserve Zone No. 1) board approved the June meeting minutes and accepted the fiscal-year 2025 financial report, voting 3-0 on each action.

"The summary that you received is a high level summary. It is final numbers for fiscal 25," Finance Director Tracy Waldron told the board as she presented the report. Waldron said the fund started the year with a balance of about $5.23 million, brought in roughly $4.7 million in receipts after administrative fees and reimbursables, and ended the year at about $7.5 million in the tourist/TIRS fund.

Board members asked whether those results matched earlier projections and about the timing of reimbursements for projects the board has already approved, including a previously approved parking structure. Waldron said the figures are influenced by the pace of growth and development across the area and by reimbursements tied to project timing. When asked whether debt service will continue to rise, staff said they expected debt service to grow somewhat but had not produced a multi-year debt-service projection at the meeting.

A board member moved to approve the June minutes; the motion was seconded and approved by voice vote. Later, after the financial presentation, a board member moved to approve the financial report; that motion was seconded and approved 3-0. The board did not request additional formal action on reimbursements or debt-service projections at this meeting.

The meeting record shows the board handled routine business and directed no new staff studies or follow-ups beyond clarifying reimbursement timing.

Votes at a glance: - Approval of June minutes (agenda item 3A — "3 a 20 25 0 7 70"): approved, voice vote; motion passed 3-0. - Approval of fiscal-year 2025 financial report (agenda item 4A — "4 a 20 25 0 8 0 8"): approved, voice vote; motion passed 3-0.