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Agency adopts 2026–27 budget; staff says late June financing could force supplemental budget
Summary
The Agency board approved Resolution 26-05 to adopt the 2026–27 budget. Staff warned that financing tied to ongoing property transactions (Blue Heron/Beard/Fura properties) is expected near the fiscal-year deadline and, if not completed by June 30, could require a supplemental budget.
The Agency on June 1 adopted Resolution 26‑05, approving the 2026–27 budget, making appropriations and declaring tax increment, after a roll-call vote in which directors recorded affirmative votes and the motion passed.
Board members approved the budget during a routine meeting after staff summarized the spending plan and outstanding financing needs. Staff reported that financing connected to property transactions for “Fura” properties — specifically referenced Blue Heron Park and the Beard properties — remains in process and that funds are expected near the end of June. Staff said the current estimate for receiving those funds is June 22; if financing is not finalized by June 30 the board would likely need to adopt a supplemental budget and push some capital projects into the next fiscal year.
A meeting participant urged the board to consider financing as an option to complete park capital work sooner rather than relying on incremental pay-as-you-go funding. The participant said the PH3 revenue stream could generate “about $400 to $500,000” and noted roughly $1.5 million in desired capital improvements, arguing that financing could accelerate projects and recommending a study session to model revenue and timing.
The adopted capital projects fund includes a $775,000 line for possible land acquisitions; staff said the amount was set aside to preserve flexibility if opportunities arise, and that some originally contemplated capital funds had been reduced from earlier planning levels. Staff also told the board they continue to evaluate tracking options for the strategic plan and are weighing a lower-cost, internally hosted approach against commercial software ClearGov.
The motion to approve Resolution 26‑05 was moved, seconded, and approved by roll-call vote with Directors Sutos, Cambos, Chester and Muhoff recorded as voting yes. No formal changes to the proposed budget were recorded at the meeting.
Next steps: staff will continue to pursue the closing and financing for the identified property transactions and will return to the board if a supplemental budget is needed once final financing dates are confirmed.
