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Finance Advisory Committee: Measure W forecast revised downward; community center financing RFP due
Summary
City staff told the Cathedral City Finance Advisory Committee that Measure W revenues now look closer to $4.5 million for the year (about $900,000 per pillar) rather than the originally estimated $5 million, and briefed the panel on a community center financing RFP that closed June 8 seeking alternatives to a 20-year bond.
Chair Danny Lee opened the Cathedral City Finance Advisory Committee meeting on June 8, 2026, where staff presented an updated forecast for Measure W revenues and discussed next steps for a community center financing study.
Staff reported that the forecasted Measure W revenue for the current period is about $4.5 million, down from the $5 million figure used in the original planning. The staff presentation described that the $4.5 million projection equates to roughly $900,000 allocated toward each of the committee’s five pillars, and noted that final year‑end numbers will not be known until the two‑month revenue lag is reconciled in August.
On projects already under way, staff said the Panorama neighborhood pavement work is essentially complete and that about $849,000 has been recorded for those streets so far. Staff explained that the five‑year capital improvement plan (CIP), prepared by engineering and public works and approved by city council, guides which streets are prioritized and that individual projects are brought forward for bid and council approval as they are ready.
The committee also discussed fund balances and reserves. Staff presented preliminary calculations showing an additional approximately $475,000 in fund balance as of March 31 combined with prior carryover of roughly $400,000, yielding near $900,000 in total available fund balance; staff said they intend to establish dedicated reserves for each pillar after year‑end reconciliations in August–October.
Regarding the community center, staff said the city completed a feasibility study and had an RFP for financing alternatives that closed June 8. The RFP solicited partnership and financing options beyond a traditional bond issuance. Staff estimated a 20‑year bond in current market conditions could generate about $13.4 million but said the RFP is seeking alternatives including public‑private partnership structures and lease or tenant‑improvement approaches.
On procurement, staff said selection of a consultant under $75,000 would fall under staff signature authority; contracts above that threshold would go to council for approval. Staff said development impact fees — not Measure W funds — will pay for the feasibility and RFP work.
No formal policy decisions or new appropriations were taken at the meeting. The committee voted to approve the March 23, 2026 meeting minutes (motion by Committee member Bashu, second by Committee member Hargraves; Hargraves yes, Bashu yes, Vice Chair Rick Selivar abstain, Chair Lee yes). Staff said they plan to brief council with preliminary year‑end results at the council’s second meeting in October and to return to the Finance Advisory Committee with more detailed reserve recommendations later in the year.
