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Diversion Authority finance committee approves $1.02 billion 2026 cash budget
Summary
The Diversion Authority Finance Committee on Dec. 17 approved the authority’s final 2026 cash budget of $1,016,893,807 and cleared a related amended ICE agreement; staff said WIFIA draws are expected to begin in early 2026 and some project costs will carry into later years.
The Diversion Authority Finance Committee voted Dec. 17 to approve the authority’s final 2026 cash budget of $1,016,893,807.
Paul Comer, presenting the budget, said the authority’s calendar-year cash plan exceeds $1 billion and highlighted several carryovers and funding sources. “We are now over $1,000,000,000 for the calendar year 2026,” Comer said, noting some land acquisitions and mitigation payments would be pushed into 2027 and that staff expect cleanup and transition payments to continue after 2026.
Executive Director Jason Benson told the committee that sales tax receipts are tracking close to targets but that no WIFIA draws have been made yet. “We do expect that those WIFIA draws will start fairly early into 2026, probably in that February, March timeframe,” Benson said. Comer and Benson said the full WIFIA loan (reported in the packet as $569,000,000 available) will be available for draws once requests begin.
Committee members asked about remaining construction budget needs; Comer estimated roughly $350 million to $400 million would remain post‑2026 for cleanup, finalization and transition into operations and maintenance. Benson reviewed P3 and land-acquisition carryovers, stating that of $233,000,000 in planned P3 expenditures, roughly $96,000,000 would be spent in the current year with about $137,000,000 carried into the next year.
The motion to approve the cash budget was moved by Commissioner Steen and seconded by Susan Thompson, finance director for the City of Fargo. The committee approved the budget by roll call.
The committee also discussed financing instruments tied to the cash plan, including plans to issue temporary sales-tax bonds in the spring and to recover financing and interest costs through those instruments. Staff said additional details and any bond issuance actions will be brought to the full board and to lenders as required.
The committee adjourned after completing business; the full board is scheduled to take related votes at upcoming meetings.
