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Board approves one-time transfer from debt service to operations to offset homestead-credit losses
Summary
The board approved Resolution 880 to make a one-time transfer from the debt service fund to the operations fund intended to offset homestead-credit related shortfalls in 2026; the amount was read aloud in the meeting record and the resolution passed 4-0.
During the July 27 meeting, CFO Mr. Reese presented Resolution No. 880 to permanently transfer funds from the debt service fund to the operations fund to help mitigate reductions in revenue tied to recent homestead-credit legislation. He explained the transfer is a one-time opportunity for calendar year 2026 and cannot be repeated in subsequent years.
In describing the fiscal pressure, Mr. Reese cited prior circuit breaker losses and said the operations fund faces additional reductions in 2026. He read the transfer amount aloud; the transcript records his statement verbatim as "1.8 $11,809,713 and 81¢." The board discussed the statutory mechanics and associations that publicize such opportunities and approved the resolution by a 4-0 vote with reading waived. The administration noted the transfer is intended to ensure debt payments remain timely while supporting operations this year.
