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Advisory board votes to remove July-only deposit restriction so windfalls can be added year-round
Summary
Board members voted to eliminate a July-only restriction in permanent fund ordinance 36.127 so one-time windfalls—including an anticipated $1,000,000 cell-tower easement payment—can be deposited into the permanent fund at other times of year; the motion carried in a roll-call vote.
City staff proposed amending ordinance 36.127 to remove a July-only timing restriction for adding excess reserves or one-time revenue to the permanent fund so that such windfalls could be deposited at any time during the year. Staff said the city recently entered into an easement agreement tied to a cell tower and expects a payment of $1,000,000 when that transaction closes; those funds are not currently promised to any project.
The board moved to eliminate the timing restriction and, after a roll-call, the motion carried. A board member said it would be helpful for the governing body to have a recommendation in advance of the deposit so the council does not see an unexplained million-dollar addition to the permanent fund.
