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Comptroller seeks capital-fund adjustment to cover higher bond counsel and fiscal-advisor fees
Summary
Comptroller Charles Robinson asked council to amend the capital fund budget to increase fiscal agent fees after additional bonding and a miscalculation of interfund transfers; Robinson said the shortfall is roughly $30,000 and moves will reallocate funds between capital and general-fund lines.
Comptroller Charles Robinson presented RL26‑144, a resolution to amend the capital fund budget to increase fiscal-agent fees and cover higher-than-anticipated bond counsel and fiscal-advisor charges.
Robinson said the city undertook extra bonding this year and that his earlier estimate of interfund transfers undercounted the amount needed, leaving an estimated shortfall of about $30,000. "I did an estimate based on the last time we did a bond, and I increased it a little bit. But, obviously, I think all your fees went up a little bit more than I thought they did," Robinson said. He described shifting funds from other lines between the capital fund and the general fund to correct the accounting.
Council members asked whether comparison shopping for fiscal advisors was possible; Robinson said the market for fiscal advisors is limited regionally. The item was presented for committee consideration and discussion; no final action was recorded during the work session.
