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Council begins FY26 budget planning; Baldwin Street project funding and loan transfers reviewed
Summary
Council reviewed revenue forecasting, fund balances and capital project funding for the Baldwin Street project, including a $250,000 bank loan deposit, multiple fund earmarks and outstanding CDBG drawdown items; staff will reallocate deposits to the correct project fund and return with a cleaned-up worksheet.
Council members and staff spent a large portion of the meeting reviewing revenue projections, fund balances and the status of capital projects, with a focus on the Baldwin Street project and several related transfers. Finance materials showed multiple funds with varying purposes (fund 110, fund 111, fund 120, fund 121 and project funds 301/302) and the presenter cautioned that ‘‘cash in the bank doesn’t mean it hasn’t been earmarked for some other project.’’
The council discussed a $250,000 bank loan that had been deposited and the need to move those proceeds into the Baldwin Street project account (fund 301) so that the project fund reflects the loan and avoids presenting a misleading positive balance. The presenter said there was a remaining CDBG drawdown of about $61,000 to be submitted and that once Riley’s final invoices clear the council can request STBG/STB grant reimbursement.
Staff outlined projected set‑asides and reserves: fund 110 was shown with approximately $144,000; the council discussed reserving $330,000 toward the Baldwin Street project; local option sales tax (fund 121) was cited as nearly $500,000 with about $275,000 suggested for allocation. The Fifth Street storm sewer project (project fund 302) and other capital repair funds were discussed as separate line items. The presenter recommended conservative revenue estimates (using ~95% of FY24 actuals) for drafting the FY26 budget.
No formal appropriations or adoption votes occurred; councilmembers asked staff to provide a reconciled worksheet that shows correct fund transfers, outstanding invoices, and the projected cash position for each project before the council proceeds to salary and benefit decisions. The council also discussed possible financing strategies and timing for CIP items and agreed to revisit the budget once Deb and staff provide the reconciled numbers.
Ending: Staff will move the deposited loan proceeds to the appropriate project account, finalize the outstanding CDBG submission and circulate reconciled fund worksheets for council review prior to any budget adoption.
