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Arena District committee accepts 2025 bond expenditure report, flags possible FY28 shortfall
Summary
The committee unanimously approved the 2025 Annual Report of Bond Expenditures and Repayment after a report showing roughly $5.2 million in FY2026 bond payments and an early $3.6 million payment; staff warned reserves may be required in FY27 and deficits could appear in FY28 absent faster development.
The Arena District Steering Committee unanimously approved the 2025 Annual Report of Bond Expenditures and Repayment at its April 17 meeting. Jamie Childers, identified in the record with the Classic Center, presented the financial update and projections.
Childers said the committee had made an early bond payment of approximately $3.6 million and that total bond payments for fiscal year 2026 were about $5.2 million. She said projections for the next fiscal year show roughly $6.5 million in bond payments, split into about $2.3 million due in November and $4.1 million due in May. “The committee remains on track financially,” Childers said, while also warning that the city might need to draw on bond reserves beginning in FY27 and that FY28 could show shortfalls unless development proceeds faster than currently expected.
The report notes that staff are pursuing mitigation measures to preserve reserves and avoid drawing on debt funds if possible. The committee approved the report by unanimous voice vote.
The committee’s action was procedural acceptance of the report; no additional directives or formal budget amendments were recorded in the meeting minutes. Meeting participants noted the importance of monitoring development pace and revenue timing to avoid future reserve draws.
The committee scheduled its next meeting for May 29 at 8:30 a.m.
