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Committee recommends using unassigned funds to pay TID 5 development debt
Summary
The Joint Committee of the Whole voted to recommend that the council designate unassigned fund balance to pay loans for development land in Tax Incremental District 5 (TID 5) in January instead of April, following a presentation by the city administrator.
The Joint Committee of the Whole on Dec. 15 recommended that the City Council designate unassigned fund balance to pay off loans for development land in Tax Incremental District 5 (TID 5).
City Administrator Sean Hutchison summarized the proposal and told the committee the loans taken for development land in TID 5 would be paid in January rather than the previously planned April. The committee then moved the recommendation to the full council: Alderperson Hurkman moved to recommend designating the unassigned fund balance for the debt payment; Alderperson Gerbers seconded the motion, which carried.
The action, as discussed, would accelerate the city’s debt payment schedule for the TID 5 development land and uses the city’s unassigned fund balance as the funding source. The transcript does not specify the dollar amount of the loans or the anticipated effect on the unassigned fund balance; those amounts were not specified in the committee discussion.
The committee’s recommendation sends the designation to the full City Council for final approval. The council will need to approve the formal budget/accounting action to move the funds and set any implementation timing.
