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Agenda Item: 8(i) |
Prepared By: Chase Callaway, Finance Manager |
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Business: City Council Item |
Department: Finance |
Subject:
Title
Budget Appropriation - Fire Department Pumper Truck Balloon Payment - Chase Callaway, Finance Manager
Body
BACKGROUND:
During a recent review of the Fire Department’s debt service schedule, staff identified that the balloon payment associated with the pumper truck lease was inadvertently omitted from the adopted FY2026 budget due to an error in the debt amortization schedule used during budget development. As a result, only the annual lease payment was appropriated for FY2026, creating a funding shortfall of $184,924.45 within the debt service lease payment account, which is set to auto-debit our account on August 25, 2026.
FUNDING SOURCE / FISCAL IMPACT: Sufficient funds are available within the Fire Department’s Fire Engines/Squad Replacement Capital Project. Staff is requesting approval to appropriate funds from the Fire Department’s Fire Engines/Squad Replacement Capital Project (16095) to the Fire Department’s debt service lease payment account to fund the balloon payment due in FY2026.
RECOMMENDATION: Recommending the approval of the budget amendment to appropriate $184,924.45 from the Fire Departments Capital Project to the Fire Department Debt Service budget to fund the pumper truck lease balloon payment due August 25, 2026
POTENTIAL MOTION: “I move to approve the appropriation of $184,924.45 from the Fire Department Capital Project to the Fire Department Debt Service budget to fund the FY26 pumper truck lease balloon payment.”