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Finance director outlines Measure UU balances and other funding options for pool
Summary
Finance Director Mike Scheck told council that Measure UU bond proceeds have funded most of the pool project but about $3.4 million of the total project budget remains covered by other sources; staff said they will reprioritize capital projects and pursue federal credits and state reimbursement programs where eligible.
At the meeting Finance Director Mike Scheck described how the pool project is funded and how the additional $2.67 million allocation will be paid for. Scheck said Measure UU bond proceeds remain the principal source for the project, with about $21,000,000 expended of approximately $24,418,577 in bond proceeds; the total project budget is $28,967,550.
Scheck told council the facilities capital fund will be used for the requested allocation and that staff would reprioritize other projects (there were originally 30 projects budgeted for the year) and shift some work into later years. He said staff estimated interest earnings allocated to the project at roughly $750,000 over multiple years and that the city's bond counsel is exploring tax credit opportunities under federal programs; early estimates suggested roughly $180,000 could be available under Inflation Reduction Act provisions for eligible photovoltaics. Staff also noted a state program (RUST/RUSP) could reimburse some costs for removing buried fuel tanks, though eligibility requires specific documentation and sequence of approvals.
