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Zionsville RDC approves year-end additional appropriations to cover bond payments
Summary
The Redevelopment Commission approved additional appropriations to record payments already made on bond obligations, with Director of Finance Cindy Poor saying funds were received through TIF and that a timing/calculation error left budgets without the appropriate line items.
The Zionsville Redevelopment Commission voted Dec. 16 to approve additional appropriations to account for year-end bond payments that were already made.
Deputy Mayor introduced the item as an end-of-year housekeeping appropriation related to bond timing. Cindy Poor, Director of Finance and Records, told the Commission that the payments in question had already been made and that funds were available through tax-increment financing (TIF). Poor said an item labeled "Appaloosa" reflected a timing or calculation error when the budget was set and that staff needs to appropriate the dollars now to match payments already processed.
"These were first payments for these bonds and by the time budgets were done ... a budget didn't get set up for these payments," Poor said, adding that funds have been received and staff will work with planning/finance staff to ensure future budgets include the line items.
A board member moved to approve the additional appropriations for the 2025–26 fiscal budget; the motion was seconded and the Commission conducted a roll call, recording ayes from Commissioners Norris, Vaughn, Ezra and the Chair. The motion carried and staff said they will adjust budget records to reflect the payments and appropriations going forward.
The resolution was presented as a timing and bookkeeping item to align the official budget with payments already made; the meeting record does not show new bond issuances or additional debt authorization at this session.
