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Aldermen hold first reading to create capital projects fund for use‑tax revenues
Summary
Council held the first reading of Ordinance 2026-3150 to create a capital projects fund to receive Greenwood’s use‑tax revenue (use tax passed in April); staff said revenues are expected in October and recommended segregating funds for transparency and project tracking.
During first reading of Ordinance 2026-3150, staff explained the ordinance establishes a capital projects fund to account for receipt and expenditure of Greenwood use-tax revenues separately from other funds. "Finance staff are expecting the tax revenues to be in coming in October," staff said, explaining the fund would allow the city to be transparent about what projects the use-tax revenues support.
Staff also recommended isolating any ARPA monies or other grants into separate line items within the capital fund so each revenue source can be tracked in the budget book. The ordinance was read for the first time; no final vote was recorded in the transcript excerpt.
