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Council approves budget adjustments to meet Texas Water Development Board transfer requirements
Summary
City treasurer Allison explained the Texas Water Development Board expects monthly transfers into the interest‑and‑sinking (INS) fund; council approved budget amendments to implement monthly 1/12 transfers and to reflect EDC reimbursements. The action was framed as procedural and received unanimous approval.
The council approved budget adjustments to change the timing and accounting for debt service transfers to meet Texas Water Development Board requirements.
Allison, the city treasurer, explained the TWDB expects monthly transfers of one‑twelfth of outstanding principal and interest into the interest‑and‑sinking fund. "They want us to make monthly transfers of 1 twelfth of the full amount interest and principal into the INS fund," Allison said. The treasurer described that the utility fund will make the monthly transfers and the EDC will reimburse the utility fund as those payments are made, changing prior practice of making transfers only when payments were due.
Council approved the adjustments as presented; staff said the change does not alter total annual amounts but changes the accounting/timing to satisfy TWDB and improve cash‑flow transparency.
