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Council sets hearings on food-and-beverage and fire‑fund measures; hears year‑end appropriation report
Summary
Council introduced an ordinance to move food‑and‑beverage tax revenue into a new FAB fund to comply with state law, set a Feb. 24 public hearing, set a March 10 hearing for reestablishing the fire cumulative capital fund tax rate, and received a year‑end appropriations summary highlighting a retiree‑health transfer over $200,000.
Council heard several finance items and scheduled public hearings on two ordinances affecting budget accounting and tax-rate reestablishment.
Deputy Financial Officer Tom McDonald introduced Ordinance 11‑02‑26 to move and appropriate food‑and‑beverage (FAB) tax revenue into a newly established FAB fund to comply with a state law change. McDonald said the city currently receives “around $3,000,000 in FAB revenue each year” and that the ordinance shifts $425,000 previously appropriated in the downtown development fund into the FAB fund for Embrace Downtown bond repayment; a remaining $75,000 for downtown community engagement is preserved. Council set a public hearing for Feb. 24.
McDonald also presented Ordinance 12‑02‑26 to reestablish the fire cumulative capital fund tax rate (up to the maximum allowed under state law, roughly 3.3¢ per $100 of assessed value) to provide flexibility in the 2027 budget process. Council set a public hearing for March 10.
On year‑end appropriations, McDonald summarized transfers executed to close the 2025 books under Resolution RC‑1‑25 and highlighted two transfers reviewed in finance committee: a retiree‑health‑care transfer (over $200,000) caused by differences in blended rates versus actual selections, and a one‑year bond transfer to align spending with how revenue was used on capital projects. He offered to provide more detail on additional transfers if council desired.
