PRESENTER: Presenter
Karrie Cook, Budget Manager
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SUBJECT: Title
Approval of an FY 2025 budget amendment for the Debt Service Fund.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
At the July 14, 2025, City Council meeting, Council approved the issuance of refunding bonds which were issued on September 10, 2025. The bonds refunded the remaining principal on the 2014 General Obligation Bonds (GO Bonds), 2015 Certificates of Obligation (CO’s), 2015 GO and Refunding Bonds, and 2016 GO and Refunding Bonds for a total refunding of $22,650,000.
A budget amendment for the Debt Service Fund is required due to the approved bond refunding. The fund contains offsetting revenue in Bond Issuance Revenue and Premium on Debt Sold Revenue related to the same issuance, resulting in a net-zero impact on the fund balance; therefore, sufficient funds are available to support this amendment.
Debt Service Fund Amendment
Increase Revenues: $22,650,000
Increase Expenditures: $22,650,000
Net Fund Balance Impact: $0
ISSUE:
N/A
FISCAL IMPACT:
The proposed budget amendment has a net-zero impact on the Debt Service Fund.
Recommendation
RECOMMENDATION:
Staff recommends approval of the proposed FY 2025 budget amendment for the Debt Service Fund.