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Finance committee approves $1 million transfer from general fund to cover 2026 GO bond debt service
Summary
The Evanston Finance & Budget Committee approved a $1,000,000 transfer from the general fund to the debt service fund to cover 2026 GO bond debt service obligations; the motion passed on a roll-call vote, 6-0, and will go to city council.
The Evanston Finance & Budget Committee on July 8 approved a $1,000,000 transfer from the general fund to the debt service fund to cover debt service on 2026 general-obligation bonds.
Council member Nussbaum moved the measure; it was seconded and, after brief discussion of timing and the revenue gap between bond sale and property-tax collections, the committee conducted a roll-call vote. The transfer passed 6-0. Chair said the item will be forwarded to the city council for final action on the council calendar.
Staff explained the timing: bond proceeds were sold earlier in the year while property-tax-based levies will not generate receipts until a later date, creating a cash-gap for the December 1 debt-service payment. "We needed roughly a million dollars from the general fund to make up the $2.9 million debt service for the 2026 bond," a staff member said in the discussion.
Outcome: motion approved by committee 6-0 and will be placed on the city council agenda for final authorization.
Sources: Evanston Finance & Budget Committee meeting, July 8, 2026.
