ITEM TITLE:
Title
Consider approving a resolution amending the City of Lawton FY25 budget, as amended, by increasing estimated 2019 Capital Improvement Fund revenues by $40,000,000.00 and to appropriate $10,000,000.00 to the 2019 Capital Improvement Fund for Propel-related expenses.
body
INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: During the FY25 budget process, the City of Lawton estimated loan proceeds for the 2019 Capital Improvement Fund would total $30,000,000.00. No draws were made on LIDA Sales Tax Notes S2024A and S2024B in FY24, which makes the full $30,000,000.00 available to draw on in FY25. LIDA Sales Tax Note S2024C was also increased from $30,000,000.00 to $40,000,000.00. A budget amendment is needed to increase estimated 2019 Capital Improvement Fund revenues by $40,000,000.00 for FY25. Expenses for LIDA Sales Tax Notes S2024A and S2024B were already budgeted in FY25, but the increase to LIDA Sales Tax Note S2024C will require a budget amendment to appropriate $10,000,000.00 to the 2019 Capital Improvement Fund for Propel-related expenses.
EXHIBIT: Resolution No. 24-_____
KEY ISSUES: None
FUNDING SOURCE: Loan Proceeds
STAFF RECOMMENDED COUNCIL ACTION: Approve a resolution amending the City of Lawton FY25 budget, as amended, by increasing estimated 2019 Capital Improvement Fund revenues by $40,000,000.00 and to appropriate $10,000,000.00 to the 2019 Capital Improvement Fund for Propel-related expenses.