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City presents Kaw Lake Water Supply finance update; $9.94M in loan payments due September 2026
Summary
City staff reported updated Kaw Lake Water Supply Program figures: FY26 sales-tax collections just over $10M, total collections since tax inception about $90.15M, $296.5M outstanding principal on five OWRB loans, and $9.94M in payments due in September 2026.
City staff provided an updated finance report on the Kaw Lake Water Supply Program, outlining recent collections, loan paydowns and upcoming obligations. The presenter said FY26 sales-tax collections totaled just over $10 million through May, which was about $676,000 (7%) above the year-to-date budgeted amount of $9.4 million.
Since the sales tax inception, staff told commissioners the program has collected approximately $90,147,000. The city has applied those receipts to five loans from the Oklahoma Water Resources Board (OWRB) and has paid roughly $85.5 million in principal over the program to date. Total original principal taken was $334.1 million, with $296.5 million outstanding at the time of the update.
Officials said the three largest upcoming loan payments for the five-loan portfolio total $9.94 million and are scheduled for September 2026; the city holds about $6.6 million in liquid cash in the account (including a $2.5 million laddered T‑bill maturing in September). Staff noted two one-time grant sources have been exhausted (an ARPA allocation of $9.9 million and a $4 million congressional allocation) and that 98% of the program’s budget (about $339.4 million of $344.7 million) has been expended.
Commissioners asked clarifying questions about cashflow and repayment timing; staff said a large payment is expected when the program accepts completed assets and retainers are released. No formal action was taken on the financing report itself; it was presented for information and oversight.
