Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Call Lake Financials topic
No spam. Unsubscribe anytime.
Enid officials report Call Lake program remains on budget as loan payments loom in March
Summary
City finance staff told the Enid City Commission the Call Lake Water Supply Program had collected $5,582,316 year‑to‑date and remains 8% above budget; staff outlined outstanding loan draws, a near‑term $7 million loan payment due in March, and pending HUD grant draws to offset remaining costs.
Erin, the city finance lead for the Call Lake Water Supply Program, told the Enid City Commission the program’s year‑to‑date sales‑tax collections through November stood at $5,582,316 and the program remains approximately 8% above its conservative budget estimate.
“Since inception through this month, we have collected $5,582,316,” Erin said during the quarterly update, noting the figure represents a decrease from last year when a one‑time anomaly inflated collections but is still above budget. She said the program has collected $85,640,000 in sales tax since inception and earned an additional $1,820,000 in interest, bringing the total to about $87,460,000.
Erin reviewed the program’s loan positions and outstanding draws. The city has taken five loans against the program; combined loan principal and interest originally totaled about $342,600,000 and the city has drawn roughly 94% of that amount. Erin said the next set of loan payments — “just over $7,000,000” — will be due in March for principal and interest.
The presentation also noted two pots of grant funding used on the program: an American Rescue Plan Act (ARPA) allocation the city has fully drawn and an approximately $4,000,000 appropriation administered by HUD that the city is working to draw down. Erin said environmental clearances for the HUD‑administered funds were recently completed and the city has roughly $3,200,000 of invoices ready to submit once the drawdown is authorized.
Erin told commissioners the program budget remains about $344,600,000 with roughly 98% expended and the city has about $193,000 undesignated for incidental needs. She said some loans remain open with retainage and forward draws available for ongoing work. Commissioners asked clarifying questions about loan payoff windows and retainage; staff said the five loans mature at staggered dates with the first paying off in 2046 and the last near 2053.
The commission did not take additional action at the meeting; staff said routine quarterly updates will continue and they are monitoring HUD correspondence to permit drawdown of federal funds.
The Call Lake Program update is scheduled for the commission’s next quarterly report as grant and drawdown items move forward.
