ITEM TITLE:
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Consider approving a resolution amending the City of Lawton FY25 budget, as amended, by appropriating up to $350,000.00 to the TIF Fund for payment to the Lawton Economic Development Authority and $45,000.00 to the Sewer Rehabilitation Fund to replace a totaled compact track loader.
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INITIATOR: Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Rebecca Johnson, Finance Director
BACKGROUND: Sales and use tax revenue generated within TIF District No. 2 are transferred to the Lawton Economic Development Authority (LEDA) per Section 10-15-3-312 of the Lawton City Code. The City anticipated FY25 revenues would total $610,645.00 and budgeted to pay this same amount to LEDA. Revenue to date totals $568,125.33. A budget amendment is needed to appropriate up to $350,000.00 to the TIF Fund for payment to LEDA for the remainder of FY25. On November 24, 2024, a vehicle ran off the road near the Goodyear Boulevard exit and hit a City of Lawton compact track loader that was parked in the construction area. The compact track loader was deemed totaled and State Farm Insurance issued a check for $45,000.00. A budget amendment is needed to appropriate $45,000.00 to the Sewer Rehabilitation Fund to replace the totaled compact track loader.
EXHIBIT: Resolution No. 25-_____
KEY ISSUES: None
FUNDING SOURCE: Lawton Town Center Sales and Use Tax Revenue; Insurance Proceeds
STAFF RECOMMENDED COUNCIL ACTION: Approve a resolution amending the City of Lawton FY25 budget, as amended, by appropriating up to $350,000.00 to the TIF Fund for payment to the Lawton Economic Development Authority and $45,000.00 to the Sewer Rehabilitation Fund to replace a totaled compact track loader.