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Treasurer: East-area cash expected to be spent down; surety bonds not spendable
Summary
Rochelle said East-area project cash has been earmarked and is expected to drop to zero by the end of FY27; she noted surety bonds are developer deposits and not available for agency spending and explained the LGIP balance and interest trends.
Rochelle reviewed the agency's cash spreadsheet and said the East urban renewal area has a starting balance earmarked to projects and is expected to reach zero by the end of fiscal year 2027. "So the East Urban Renewal cash line item starts off with a dollar amount and you can see that it's expected to go down to 0 by the end of next fiscal year," she said.
She also clarified that surety bonds are developer deposits the agency may have to return depending on project completion and are not available as spendable cash. Rochelle discussed LGIP (a high-interest savings account) and said interest earnings have declined, which factors into conservative revenue estimates.
