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Board approves temporary transfer to utility fund to help Mega Site water/wastewater debt
Summary
As part of the FY27 budget, the board agreed to a $225,000 transfer from TERS 3 to the utility fund to cover part of the Mega Site water and wastewater project's debt payments in FY27; EDC will reimburse some upfront utility costs and cover interest payments.
Board members approved a new FY27 transfer of $225,000 from TERS 3 to the utility fund intended to offset portions of principal and interest tied to the Mega Site water and wastewater projects. Presenter Amberly Kolar said the transfer is possible because preliminary taxable values have grown and that the $225,000 is the amount the fund can “withstand” this year.
Kolar said the transfer is designed to reduce pressure to raise utility rates by contributing funds to the utility fund so it can meet debt-service obligations on the Mega Site infrastructure. Kolar also noted that the Economic Development Corporation has agreed to reimburse certain upfront utility costs and is covering the interest portion of the debt; a meeting participant added that the EDC maintains a 10–15 year cash-flow forecast that accounts for these obligations.
