Street Improvement EDC ratifies $437,000 4B budget amendment; minutes approved unanimously

The Street Improvement Economic Development Corporation ratified a $437,000 amendment to the 4B fund budget and approved earlier meeting minutes during its March 3, 2026 session.

Assistant City Manager Karen Riggs presented the financial status as of Dec. 31, 2025, saying December sales tax (transcript: “360,690 thousand”) was roughly 8–9% higher than the prior year, January was about 3.6% higher, and February declined about 5.6% year‑over‑year; she characterized sales tax receipts as a “sales tax roller coaster.” Riggs also reported interest earnings were strong and that revenues and expenditures were tracking conservatively against the budget.

Riggs asked the board to ratify two rolled‑forward items from last year: a vehicle purchase approved in July but not purchased until this fiscal year, and a reallocation for the Gregory project where the streets portion of the bid came in higher. She said the 4B fund is in a healthy position and can support an additional $437,000 (the fund balance policy requires approximately one year of debt service on hand).

Council member Sable moved to ratify the amendment; mayor pro tem Dawkins seconded and the motion passed unanimously. Earlier in the meeting the board approved the July 1, 2025 meeting minutes after a motion and second; the minutes approval likewise passed without opposition. At the meeting’s close Director Nacomo moved to adjourn, a council member seconded, and the board adjourned at 6:30 p.m.

No fiscal policy changes were adopted beyond the ratification; staff will administer the authorized spending and notify council when expenditures are incurred.