TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
DEPARTMENT STAFF:
Finance
Haritha Narra
Deputy Finance Director
Finance
Hailey Zurcher
Financial Planning Manager
TITLE:
title
Adoption of an Ordinance for the 2025-2026 Budget Adjustment #6 to Recognize the Expenditure Transfers Needed to Redeem the Limited Tax General Obligation (LTGO) Bond Series 2015 and 2016
OVERVIEW STATEMENT:
recommendation
An Ordinance amending Ordinance Nos. 3196, 3215, 3224, 3229, 3236, and 3250 by adjusting the City's 2025-2026 Biennial Budget to recognize expenditure transfers needed to fund the redemption of the Limited Tax General Obligation (LTGO) bond Series 2015 and 2016.
On March 17, 2026, City Council approved Resolution 1623 to allow for the redemption of LTGO bond Series 2015 and 2016. A budget adjustment is necessary to recognize the expenditure transfers necessary to fund the redemption, as follows:
Debt Service Fund (233): $10,705,014
a) LTGO Series 2015 - $7,015,850
Bonds issued to fund transportation projects including the extension and improvement to Bear Creek Parkway and 161st Avenue NE. The funding source for this bond redemption is from Business Tax, out of the Business Tax Fund (030).
b) LTGO Series 2016 - $3,689,164
Bonds issued to fund transportation projects including the extension and improvements to Bear Creek Parkway and 161st Avenue NE, and other miscellaneous transportation projects. The funding source for this bond redemption is from Transportation Impact Fees, out of the Transportation Capital Project Fund (316).
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
Fiscal Policies
* Required:
RCW 35A.33.120 Funds-Limitations on expenditures-Transfers and adjustments.
* Council Req...
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