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Council approves 2019B1 refunding budget revision to recognize proceeds and move funds to TPD vehicles
Summary
Finance staff explained and the council approved a budget revision to recognize interest and premium from a 2019 refunding issuance, close several completed projects, and allocate roughly $215,000 toward public safety equipment (TPD vehicles); staff cited IRS timing limits on spending warrant proceeds.
The council approved a budget revision labeled 2019B1 to recognize proceeds from a prior refunding issuance and to reallocate funds to pending public safety equipment purchases.
Finance staff said the city initially chose a lump-sum payout in 2019 and budgeted on the par amount, omitting premium and interest earned while proceeds sat in the account. Staff reported interest income (stated as about $62,000) and a premium of around $127,000. To meet IRS timing requirements for spending the warrant proceeds, staff proposed closing multiple small completed projects and reallocating about $215,000 to pay for TPD vehicles already on order. The council approved the revision by voice vote.
