HomeMy WebLinkAbout41-24 RESOLUTIONFile Number: 2024-1672
113 West Mountain Street
Fayetteville , AR 72701
(479) 575-8323
Resolution: 41-24
2019 PHASE I BONDS (BUDGET ADJUSTMENT):
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $308 ,612 .00 RECOGNIZING
INTEREST REVENUE GENERATED FROM THE SALES & USE TAX CAPITAL IMPROVEMENT AND
REFUNDING BONDS SERIES 2019
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Section I : That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a copy of
which is attached to this Resolution , recognizing revenue generated from interest paid on funds for the Sales & Use Tax
Capital Improvement and Refunding Bonds Series 2019 in the amount of $351 ,171.00.
PASSED and APPROVED on February 6 , 2024
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Mailing address:
113 W. Mountain Street
Fayetteville, AR 72701
www.fayetteville-ar.gov
CITY COUNCIL MEMO
2024-1672
MEETING OF FEBRUARY 6, 2024
TO: Mayor Jordan and City Council
THRU: Paul Becker, Chief Financial Officer
FROM: Kevin Springer, Budget Director
DATE:
SUBJECT: Approval of a Budget Adjustment to Recognize Interest Revenue on the 2019 Phase I
Bonds.
RECOMMENDATION:
Staff recommends approval of a budget adjustment to recognize interest revenue earned on the 2019 Phase I
Bonds.
BACKGROUND:
On April 9, 2019, the Citizens voted to authorize Sales Tax Bonds of up to $226,065,000 for various purposes
as specified in Ordinance 6126 approved by the City Council. Phase One of the bond improvements was
approved at the June 4, 2019, City Council meeting which resulted in the final issuance of $127,595,000 par
value worth of bonds.
From the time of issuance, each bond earns interest revenue and when those additional funds are needed, a
budget adjustment is prepared to recognize the interest earned. Currently, across all bond projects, a total of
$2,342,630.65 has been received in interest revenue earnings and $1,991,446 was recognized, leaving
$351,171 in revenue to be recognized.
DISCUSSION:
This item is to recognize the interest paid to date on the Sales and Use Tax Capital Improvement and
Refunding Bonds, Series 2019A/B so that the funds may be used on various bond project expenses.
BUDGET/STAFF IMPACT:
The requested budget adjustment will recognize $351,171 in interest revenue.
Mailing address:
113 W. Mountain Street
Fayetteville, AR 72701
www.fayetteville-ar.gov
ATTACHMENTS: SRF (#3), BA (#4)
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City of Fayetteville, Arkansas
Legislation Text
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
File #: 2024-1672
Approval of a Budget Adjustment to Recognize Interest Revenue on the 2019 Phase I Bonds.
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE AMOUNT OF $308,612.00
RECOGNIZING INTEREST REVENUE GENERATED FROM THE SALES & USE TAX CAPITAL
IMPROVEMENT AND REFUNDING BONDS SERIES 2019
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget
adjustment, a copy of which is attached to this Resolution, recognizing revenue generated from interest
paid on funds for the Sales & Use Tax Capital Improvement and Refunding Bonds Series 2019 in the
amount of $351,171.00.
City of Fayetteville Staff Review Form
2024-1672
Item ID
2/6/2024
City Council Meeting Date - Agenda Item Only
N/A for Non-Agenda Item
Kevin Springer 1/12/2024 BUDGET & INFORMATION MGMT (133)
Submitted By Submitted Date Division / Department
Action Recommendation:
Staff recommends approval of a budget adjustment to recognize interest revenue earned on the Sales and Use Tax
Capital Improvement and Refunding Bonds, Series 2019A.
Budget Impact:
46xx.860.7000-4707.46 46xx - Various 2019 Bond Project Funds
Account Number Fund
46xxx.7000 Various 2019 Bond Projects
Project Number Project Title
Budgeted Item?Yes Total Amended Budget $1,991,466.00
Expenses (Actual+Encum)$2,342,630.65
Available Budget $(351,164.65)
Does item have a direct cost?No Item Cost $-
Is a Budget Adjustment attached?Yes Budget Adjustment $351,171.00
$32.00 Remaining Budget $6.35
V20221130
Purchase Order Number:Previous Ordinance or Resolution #
Change Order Number:Approval Date:
Original Contract Number:
Comments:
City of Fayetteville, Arkansas - Budget Adjustment (Agenda)
Budget Year Division
/Org2 BUDGET & INFORMATION MGMT (133)
Adjustment Number
2024 Requestor:Kevin Springer
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
The requested budget adjustment will recognize $351,171 in interest revenue for the 2019 Phase I Bonds.
COUNCIL DATE:2/6/2024
ITEM ID#:2024-1672
Kevin Springer
1/18/2024 1:58 PM
Budget Division Date
TYPE:D - (City Council)
JOURNAL #:
GLDATE:
RESOLUTION/ORDINANCE CHKD/POSTED:/
v.2024112TOTAL351,171 351,171
Increase / (Decrease)Project.Sub#
Account Number Expense Revenue Project Sub.Detl AT Account NameGLACCOUNTEXPENSEREVENUEPROJECTSUBATDESCRIPTION X
4602.860.7000-4707.46 -135,961 46020 7000 RE Interest - 2019 Project Funds
4603.860.7000-4707.46 -2,062 46030 7000 RE Interest - 2019 Project Funds
4604.860.7000-4707.46 -70,230 46040 7000 RE Interest - 2019 Project Funds
4605.860.7000-4707.46 -6,747 46050 7000 RE Interest - 2019 Project Funds
4606.860.7000-4707.46 -118,159 46060 7000 RE Interest - 2019 Project Funds
4607.860.7000-4707.46 -1,332 46070 7000 RE Interest - 2019 Project Funds
4608.860.7000-4707.46 -2,691 46080 7000 RE Interest - 2019 Project Funds
4609.860.7000-4707.46 -7,201 46090 7000 RE Interest - 2019 Project Funds
4610.860.7000-4707.46 -6,788 46100 7000 RE Interest - 2019 Project Funds
4602.860.7999-5899.00 135,961 46020 7999 EX Unallocated - Budget
4603.860.7999-5899.00 2,062 46030 7999 EX Unallocated - Budget
4604.860.7999-5899.00 70,230 46040 7999 EX Unallocated - Budget
4605.860.7999-5899.00 6,747 46050 7999 EX Unallocated - Budget
4606.860.7999-5899.00 118,159 -46060 7999 EX Unallocated - Budget
4607.860.7999-5899.00 1,332 -46070 7999 EX Unallocated - Budget
4608.860.7999-5899.00 2,691 -46080 7999 EX Unallocated - Budget
4609.860.7999-5899.00 7,201 -46090 7999 EX Unallocated - Budget
4610.860.7999-5899.00 6,788 -46100 7999 EX Unallocated - Budget
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