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Budget committee details omnibus amendments, $26M debt close and capital priorities
Summary
Staff told the committee the city closed a roughly $26 million bond issuance (net proceeds $25.99M) and will appropriate proceeds through Amendment 66; the committee reviewed several amendments (insurance recoveries, a $10,000 donation to police, grants and reimbursables including a $224,000 airport match and $227,000 childcare reimbursements).
Speaker 2 reported that the city issued debt sized at $26,000,000 and "we received $25,990,000" after issuance costs, and that those proceeds currently reside in an LGIP account. Speaker 2 said budget amendment 66 appropriates much of those proceeds for capital outlay and that staff will file refunding paperwork with EMMA as required.
Speaker 2 outlined budget amendment details: Amendment 55 recognizes insurance recoveries and appropriates funds for repairs; Amendment 59 is a donation "from Dixie, Georgia Pacific" of $10,000 designated for public safety; Amendment 64 was described as an "omnibus" amendment recognizing roughly $2.9 million in revenue and appropriating about $2.7 million across funds for items that included a police recruitment grant, reimbursable planning and TDEC stormwater reimbursements, and $227,000 in childcare center reimbursements.
Committee members asked for more transparent breakout of reimbursable items and a spent-to-date column to reconcile original budgets, rollovers, and current expenditures for projects such as the Sportsplex, street resurfacing, civic-center equipment and the animal care center. Speaker 2 said most remaining animal care center costs should be covered by the debt appropriation in Amendment 66 but could be refined before second reading.
Several members urged clearer reporting so the public can view what projects received funds and how much remains. There was no recorded vote on any amendment during this meeting; staff said amendments will be revised as needed before second reading.
