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Englewood bond spending on track: 6.77% spent and $661,434 in interest reported
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Summary
City staff reported bond expenditures are progressing as planned: 6.77% of the bond has been spent, encumbered-plus-spent is 13.2%, and interest income to date totals $661,434; any use of these funds requires city council approval.
During the meeting, the chair provided a financial overview of the city's bond program and said the spending profile remains steady. "We're at 6.77% spent," the chair reported, noting encumbered-plus-spent is 13.2%, both figures slightly higher than in February.
The chair also said the bond has generated $661,434 in interest income to date and stressed that any reallocation or use of this interest would require approval by the Englewood City Council. The chair characterized the current financial picture as routine activity as projects move from being encumbered to expensed while design and construction continue.
No formal action on spending or use of interest income occurred at the meeting; the chair said staff would go to city council if they seek to use any interest earnings or make changes to project budgets. The next meeting was scheduled for May 28, where staff expect to share further updates.
