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Marina redevelopment puts $1.5M into Marina Fund after millage increase
Summary
Staff said Marina redevelopment is largely within the Marina Fund and that the commission's recent millage increase included $1.5M placed into the Marina Fund as a contingency if paid-parking revenues fall short.
Campbell told the commission the Marina Fund appears large this year because it includes a large portion of the Marina waterfront redevelopment and showed the Marina fund at about $13,000,000. She said there is no reserve held in Marina but explained how the commission's recent recommendation to increase millage created a place to hold $1,500,000 "in case paid parking goes away." "Prior to last week, there was no transfer in from the general fund," Campbell said. "But after we increased that millage, we needed a place to put that $1,500,000."
Commissioners discussed that the Marina can now make contributions to the general fund and that redevelopment costs are being tracked inside the Marina budget. No formal vote was taken; commissioners will review detailed project budgets and millage choices at the public hearings.
