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City controller: July financials show 2018 mega‑site bonds paid through 2048; EDC approves monthly report
Summary
City Controller Christina Bishop reviewed the EDC's July financial statements, noting $4.3 million in contribution/capital outlay lines tied to East‑West Spine Road and that the 2018 bonds used to purchase the mega site will be paid off in 2048. The board approved the July financial report, 7–0.
City Controller Christina Bishop presented the EDC’s monthly financial statements for July 2025 and explained an accounting issue tied to the East‑West Spine Road: a $4.3 million contribution/capital outlay had been recorded in revenue and expenditures but auditors advised the city and EDC should not record the same capital inflow/outflow on both books. Bishop said the board previously approved a budget amendment to wipe those lines and staff will include related entries in year‑end city budget amendments.
Bishop also noted the EDC has a semiannual debt service payment on the 2018 bonds that were used to purchase the mega site and said, “Those will be paid off in 2048.” Board member Snyder moved to approve the financial report; the motion was seconded and adopted by roll call, 7–0.
During the discussion board members asked follow‑up questions about attorney services and professional services line items, which the controller said were primarily related to concept design, TERS consulting, planning for Cottonwood and GRAMA consulting; items related to the fire road project accounted for a sizable share of current checks.
