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Board records $5M interim financing for YMCA project, appropriates $93,917 for first debt service payment
Summary
Surry County recorded $5,000,000 in interim financing proceeds for a YMCA building project and approved a one-time transfer of $93,917 from reserves to cover the first annual debt-service payment due June 2026; the budget amendment required a public hearing because it changes the adopted budget by more than 1%.
County staff presented a required public hearing on a budget amendment to record $5,000,000 in interim financing proceeds for the YMCA building project. Staff noted the board had previously approved the financing in concept and that tonight's hearing was a administrative step because the budget change exceeds one percent of the adopted budget.
Staff also asked the board to appropriate $93,917 in one-time reserve funds to pay the initial annual debt service payment on the interim loan coming due in June 2026. When asked whether the $93,917 represented interest on a $5,000,000 loan, staff confirmed it was the annual debt service payment. Supervisor Walter Hardy moved to approve both the budget amendment and the reserve appropriation; the motions passed by voice vote.
What happens next: the county will include the interim financing proceeds in the FY 2025-26 budget and transfer the $93,917 to the debt service fund to meet the upcoming payment. Staff provided the resolution language and budget entries in the meeting packet.
