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Debt defeasance recorded; capital projects budget trimmed to $19.33 million
Summary
Finance staff updated the debt service fund to reflect a debt defeasance of $3,990,000 and lowered the capital projects expenditure budget to $19,329,000, increasing the projected capital fund balance into June 30, 2026.
Julie Homan told the board that a debt defeasance transaction has been completed and is now reflected in the debt service fund, and that the outstanding indebtedness has been updated by approximately $3,990,000 as part of that transaction. She reported debt service revenue of about $10,937,000 and an expenditure budget near $11.7 million.
Homan also said the combined capital projects funds (funds 42 and 46) show a reduced expenditure budget of $19,329,000, down from the prior 0.25 estimate; that change stems from invoices and actual expenditures being lower than previously projected, which will result in a larger-than-expected fund balance once construction invoices are reconciled.
