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Presentation outlines Sunnyvale 4B fund balance, bond proceeds and planned uses
Summary
A presenter told the 4B board the fund balance is $2.7 million, revenue is projected at $1.7 million, and $7 million in restricted bond proceeds will carry forward for Jobs in the Park; several line items and staffing changes were noted.
Mikkel presented the board’s budget details and spending priorities, reporting that "dollars 2,700,000 is what we have left in fund balance after this year's budget" and that projected revenue is "$1,700,000," a 5% increase from the prior year. He also said the board holds $7,000,000 in restricted bond proceeds that will carry forward for the Jobs in the Park project.
Mikkel listed planned expenditures included in the operating budget: incentives through 2029, repairs and maintenance for a GIS site-selector app, park maintenance, an economic development strategic plan, legal fees, a proposed economic development analyst position (the economic development director position remains unfunded), a $49,000 beautification item for a 30-foot programmable LED Christmas tree, a $100,000 contingency, an operational transfer of $685,000 to the general fund (to fund half of the park budget), and a $479,000 debt service payment for the bond.
