Lori, staff member, presented the proposed 2026 budget for the Indianapolis Bond Bank, describing it as a break‑even plan with $4 million in total revenue and $4 million in operating expenses. She said the board would review the proposal and vote at the December 15 meeting rather than at this session.

Lori said the budget assumes $3.5 million in annual bond‑bank fees and $250,000 in opening fees (the latter assessed at the Executive Director’s discretion based on deal complexity and time expended). She said interest income is budgeted at $300,000 and miscellaneous revenue is conservatively set to zero because it varies year to year.

On the expense side, Lori said professional services are budgeted at $500,000 (based on a three‑year average plus contingency), and QE‑focused support is budgeted at $1.4 million, of which $664,000 is earmarked for specific initiatives. She detailed earmarked items: Employee Indy ($212,000, including Project Indy and Indy Achieves), Spark on the Circle ($200,000), mayor’s office interns ($82,000), Indiology ($70,000), OFM policy analytics ($50,000) and Indy Hub ($50,000). Lori also proposed $500,000 in Arts Council support, $120,000 for trustee fees, wages of $756,000 reflecting a 2.6% COLA and seven FTEs, potential wages of $140,000 (open position, bonus pool and two summer interns), benefits of $230,000 and potential benefits of $47,000.

Lori reviewed projected 2025 results, saying operations were projecting a year‑end net profit of about $1 million driven by stronger opening‑fee revenue (the 2025 C&D health and hospital refunding bonds set to close later in the month), interest earnings from a reserve CD purchase, and underspending on professional services and QE support. When a board member asked why professional services came in under budget for 2025, Lori said staff performed more work internally, which produced the largest 2025 savings.

The board did not vote on the 2026 budget at the meeting and confirmed it will take up a formal vote at the December 15 meeting.