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Englewood City updates board on interfund loan and stormwater financing; staff expects matching funds and IGA this spring
Summary
Staff reported that council approved an interfund transfer to cover outstanding stormwater invoices, the city drew a previously authorized $3 million loan to shore up obligations, and that the city expects $8 million in matching funds from a regional partner pending an IGA, with stabilization targeted by May.
City staff updated the Water and Sewer Board on stormwater financing and the interfund loan previously presented to the board. Staff said council approved required transfers and invoices were paid to avoid losing matching funds.
Staff recounted prior financing steps: a $3 million general-fund loan authorized in 2019 was not drawn at the time; in 2021 the city issued stormwater revenue bonds and obtained state revolving funds to support South Englewood flood-control projects. Because of timing and obligations, staff reported the city drew a $3 million interfund loan to cover outstanding obligations (reported as about $2.566 million) and to preserve $775,000 in matching funds tied to a South Englewood Basin project.
Staff said Mile High Flood (a partner agency) is meeting with its board in February to finalize matching funds and planned to compile those funds into the South Englewood Basin as matching for the city's flood-reduction project. Staff said they expect a draft intergovernmental agreement (IGA) and an ordinance to come to the board and council this spring and that, if funding is returned as anticipated, the stormwater fund should stabilize by May.
Board members did not record a vote on additional policy in this update; staff framed the presentation as a follow-up on earlier council and board actions and described next steps: accept the IGA when presented, file related ordinances, and adjust the stormwater financial model to reflect incoming matching funds.
