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Council allocates $2.92 million from investment earnings to support Rogers High School completion
Summary
Council approved transferring $2,918,809 in FY25 investment earnings to the school-construction capital fund to address funding shortfalls needed to secure a final certificate of occupancy for Rogers High School; the allocation prompted lengthy questioning about contingencies, unexpected investment income, and remaining construction work.
Council approved a resolution reallocating $2,918,809 from FY25 investment earnings to the Rogers High School construction capital fund to help cover funding shortfalls and secure the final certificate of occupancy. Finance staff said the city exceeded projected investment income (actuals about $4.6 million vs. budgeted $1.2 million) and that the recommended transfer comes from those excess earnings.
Councilors sought detail on school‑department reserves and builder/owner contingencies and questioned whether the newly available investment income should be used to offset recent rate and tax increases rather than fund construction shortfalls. Manager Kennedy and finance staff noted the transfer reaffirms prior council commitments (Resolution 2024-122) and that sufficient cash is available to make the transfer; the measure passed after discussion and a show-of-hands vote.
