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Commission adopts new project pages, separate funds for donations and TIF bond tracking
Summary
Reedy Group presented changes to the monthly financial report: adding separate funds for grant ("grama"), private donations and a TIF Bond Fund and new project summary pages to show sources, uses, budgets and percent complete; commissioners approved the updated financial report by voice vote.
At the start of Monday's meeting the commission approved an updated financial reporting format presented by Reedy Group.
The presenter (Reedy Group representative) said the update adds two separate funds — the "grama holdings fund" and a private donations fund — and a TIF Bond Fund so the commission can track bond proceeds and ensure sources are not commingled with TIF revenues. "These must be kept and tracked separately ' and these will now be included on each of your updates so you can see what's happening and coming in and out of each of those 2 funds," the presenter said.
Reedy Group also introduced project summary pages that compile sources and uses for each project, show original budget, updated projections, to-date amounts and percent-complete charts. Staff said the pages will be added for the connector trail, parks, amphitheater and Main Street projects and replicated as needed. Commissioners thanked the consultant and adopted the financial report by voice vote.
The change is meant to improve transparency around capital-stacking and to make it easier for staff and commissioners to see how grant, donation and bond proceeds flow through individual projects. The commission asked staff to include the new pages in monthly packets going forward.
