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Classic Center oversight committee says bond payments on track, approves annual expenditures report
Summary
The committee reviewing Classic Center finances heard that the most recent bond payment of $3.6 million was made early and that FY26 bond payments total $5.2 million to date; members approved the annual oversight and SPLOST expenditures report and asked staff and partners to continue monitoring revenue streams and partnerships.
The Athens‑Clarke County Classic Center oversight committee reviewed its annual bond and SPLOST expenditures report and approved it by voice vote. Jamie Childers, chief financial officer for the Classic Center, told the committee the most recent bond payment of $3,600,000 was made a month early and that the center has paid $5,200,000 in bond payments so far in fiscal 2026.
The committee’s vote accepted the annual report required by the intergovernmental agreement among the Classic Center Authority, the Downtown Development Authority and Athens‑Clarke County. “We’ve just made our most recent bond payment of another $3,600,000, total of $5,200,000 in the year FY ’26,” Childers said during the presentation. She said the next fiscal year’s bond payments are projected to total $6,500,000, split as $2,300,000 in November and $4,100,000 in May, and staff aim to avoid drawing on the bond reserve if possible.
Committee members pressed staff on the revenue drivers that have supported early payments. Childers and other presenters credited corporate sponsorships, arena naming rights and premium suite revenue, noting some of those streams are multi‑year and spread out over seven to ten years of receipts. A committee member asked where partnerships appear on the report; staff pointed to a line near the bottom of the revenue section for naming rights and premium suite income.
Josh Hawkins introduced a separate line‑by‑line review of the SPLOST bond expenditures tied to the 2021 and 2023 revenue bond series. Staff explained the series’ proceeds and draws, and said most principal has been utilized while some series still have relatively small remaining balances that must be spent on the project.
After questions, a motion to set the oversight report was moved, seconded and carried by voice vote.
The committee did not set a formal policy change during the meeting; members directed staff to continue tracking revenues and the timing of development that could affect reserve use. The group scheduled follow‑up oversight and the Accenture due‑diligence presentation at its next meeting.
