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Finance director: Mahtomedi’s Closed Bond Fund holds $1.19 million; no transfer planned for 2026
Summary
Finance Director Scott Schaefer told the joint meeting the Closed Bond Fund balance was $1,186,585 as of Dec. 31, 2024, projected to be $1,210,585 on Dec. 31, 2025, and that the city does not plan to transfer funds from the account for 2026.
Finance Director Scott Schaefer reviewed Mahtomedi’s Closed Bond Fund policy and balances at the Aug. 26 joint City Council and Finance Commission meeting, saying the fund may be used for Council-approved capital improvements, to reduce future bond needs or to address bond fund deficits.
Schaefer reported the Closed Bond Fund balance was $1,186,585 as of Dec. 31, 2024 and that the projected balance for Dec. 31, 2025 is $1,210,585. The meeting minutes state there is no planned transfer from the Closed Bond Fund for 2026.
Why it matters: the Closed Bond Fund is a reserve source the city can use to finance capital projects or lower borrowing needs; decisions about transfers affect future bonding and capital planning.
What’s next: the policy calls for annual review by the Finance Commission before the budget process. The commission reviewed the report during the meeting and proceeded to other budget items and recommendations.
