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Home My WebLink About210-26 RESOLUTIONDocusign Envelope ID: 4119F2C6-911 F-8E7A-8147-A511541 E8EFD 113 West Mountain Street Fayetteville, AR 72701 (479) 575-8323 Resolution: 210-26 File Number: 2026-2954 A RESOLUTION TO APPROVE A BUDGET AMENDMENT IN THE AMOUNT OF $7,688,586.00 RECOGNIZING INTEREST REVENUE GENERATED FROM THE 2019 SALES TAX AND USE TAX CAPITAL IMPROVEMENT BONDS 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 amendment, a copy of which is attached to this Resolution, in the amount of $7,688,586.00 recognizing interest revenue generated from the 2019 Sales Tax and Use Tax Capital Improvement Bonds. PASSED and APPROVED on September 15, 2026 Approved: Nu� raww Molly Rawn, Mayor TR4�1 Attest: �G�TY 0iC��.rG, FAYETTEVILLE:X= Kara Paxton, City Clerk Treasu q:4kANSPcb. Page 1 Docusign Envelope ID: 4119F2C6-911 F-8E7A-8147-A511541 E8EFD Na) CITY OF �. FAYETTEVILLE ARKANSAS MEETING OF SEPTEMBER 15, 2026 CITY COUNCIL MEMO 2026-2954 TO: Mayor Rawn and City Council THROUGH: Steven Dotson, Chief Financial Officer FROM: Kevin Springer, Deputy Chief Financial Officer SUBJECT: Recognize Interest Revenue for Sales Tax & Use Tax Capital Improvement Bonds Series 2019B / 2022 / 2024 RECOMMENDATION: Staff recommend approval of a budget amendment to recognize interest revenue earned on the 2019 Sales Tax & Use Tax Capital Improvement Bonds (Series 2019B / 2022 / 2024). 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 on June 4, 2019, City Council meeting which resulted in the issuance of $127,595,000 par value of bonds. Phase Two of the bond improvements was approved at the May 3, 2022, City Council meeting which resulted in the issuance of $74,340,000 par value of bonds. Phase Three of the bond improvements was approved at the August 20, 2024, City Council meeting which resulted in the issuance of $15,000,000 par value 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 $9,884,163 has been projected to be received in interest revenue earnings and $2,195,577 was recognized, leaving $7,688,586 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 2019B / 2022 / 2024 so that the funds may be used on various bond project expenses, as the City moves forward to close out these bonds. BUDGET/STAFF IMPACT: The requested budget amendment will recognize a projected amount of $7,688,586 in interest revenue. ATTACHMENTS: 3. Staff Review Form, 4. Budget Amendment Mailing address: 113 W. Mountain Street www.fayetteville-ar.gov Fayetteville, AR 72701 Docusign Envelope ID: 4119F2C6-911 F-8E7A-8147-A511541 EBEFD City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 (479)575-8323 Legislation Text File #: 2026-2954 A RESOLUTION TO APPROVE A BUDGET AMENDMENT IN THE AMOUNT OF $7,688,586.00 RECOGNIZING INTEREST REVENUE GENERATED FROM THE 2019 SALES TAX AND USE TAX CAPITAL IMPROVEMENT BONDS 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 amendment, a copy of which is attached to this Resolution, in the amount of $7,688,586.00 recognizing interest revenue generated from the 2019 Sales Tax and Use Tax Capital Improvement Bonds. Page 1 Docusign Envelope ID: 4119F2C6-911 F-8E7A-8147-A511541 E8EFD Kevin Springer Submitted By City of Fayetteville Staff Review Form 2026-2954 Item ID 9/15/2026 City Council Meeting Date - Agenda Item Only N/A for Non -Agenda Item 8/26/2026 CHIEF FINANCIAL OFFICER (110) Submitted Date Division / Department Action Recommendation: Staff recommends approval of a budget adjustment for $7,688,586 to recognize interest revenue earned on the 2019 Sales Tax & Use Tax Capital Improvement Bonds (Series 2019B / 2022 / 2024). Budget Impact: 4XXX 4XXX - Bond Funds Account Number 46XXX.7000 Project Number Budgeted Item? Yes Does item have a direct cost? No Is a Budget Amendment attached? Yes Purchase Order Number: Change Order Number: Original Contract Number: Comments: Fund 201913/2022/2024 Bonds Total Amended Budget Expenses (Actual+Encum) Available Budget Item Cost Budget Amendment Remaining Budget Project Title $ 28,057,651.00 $ 16,730,907.07 11,326,743.93 $ 7,688,586.00 Previous Ordinance or Resolution # Approval Date: 19,015,329.93 Docusign Envelope ID: 4119F2C6-911 F-8E7A-8147-A511541 E8EFD City of Fayetteville, Arkansas - Budget Amendment/Adjustment (Agenda) tsuaget rear Division tsH Number /Org2 CHIEF FINANCIAL OFFICER (110) 2026 Requestor: Kevin Springer BUDGET AMENDMENT/ADJUSTMENT DESCRIPTION: Staff recommends approval of a budget adjustment to recognize interest revenue earned on the 2019 Sales Tax & Use Tax Capital Improvement Bonds (Series 2019E / 2022 / 2024). COUNCIL DATE: 9/15/2026 ITEM ID#: 2026-2954 Holly Black S/27/2026 7.76 ANI Budget Division Date D - (City Council) TYPE: JOURNAL#: G LDATE: RESOLUTION/ORDINANCE CHKD/POSTED: TOTAL 7,688,586 7,688,586 v.2026817 Increase / (Decrease) Project.Sub# Account Number Expense Revenue Project Sub.Detl AT Account Name 4702.860.7000-4707.47 - 3,677,908 46020 7000 RE Interest - 2022 Project Funds 4703.860.7000-4707.47 - 2,175 46030 7000 RE Interest - 2022 Project Funds 4704.860.7000-4707.47 - 484,852 46040 7000 RE Interest - 2022 Project Funds 4705.860.7000-4707.47 - 1,319,492 46050 7000 RE Interest - 2022 Project Funds 4707.860.7000-4707.47 - 368,874 46070 7000 RE Interest - 2022 Project Funds 4708.860.7000-4707.47 - 4,513 46080 7000 RE Interest - 2022 Project Funds 4710.860.7000-4707.47 - 520,183 46100 7000 RE Interest - 2022 Project Funds 4802.860.7000-4707.48 - 750,470 46020 7000 RE Interest - 2024 Project Funds 4805.860.7000-4707.48 - 313,822 46050 7000 RE Interest - 2024 Project Funds 4702.860.7999-5899.00 3,677,908 - 46020 7999 EX Unallocated - Budget 4703.860.7999-5899.00 2,175 - 46030 7999 EX Unallocated - Budget 4704.860.7999-5899.00 484,852 - 46040 7999 EX Unallocated - Budget 4705.860.7999-5899.00 1,319,492 - 46050 7999 EX Unallocated - Budget 4707.860.7999-5899.00 368,874 - 46070 7999 EX Unallocated - Budget 4708.860.7999-5899.00 4,513 - 46080 7999 EX Unallocated - Budget 4710.860.7999-5899.00 520,183 - 46100 7999 EX Unallocated - Budget 4802.860.7999-5899.00 750,470 - 46020 7999 EX Unallocated - Budget Iof2 Docusign Envelope ID: 4119F2C6-911 F-8E7A-8147-A511541 E8EFD Account Number Increase / (Decrease) Expense Revenue Project.Sub# Project Sub.Detl AT Account Name 4805.860.7999-5899.00 4606.860.7000-4707.46 313,822 - - 246,297 46050 46060 7999 7000 EX RE Unallocated - Budget Interest - 2019 Project Funds 4606.860.7999-5899.00 246,297 - 46060 7999 EX Unallocated - Budget 2of 2