4b Board (Street Improvement Economic Development Corporation) - Regular Meeting

Approval of the July 1, 2025 regular meeting minutes.

Fiscal Year 2025-2026 Street Improvement Economic Development Corporation project status.

Fiscal Year 2025-2026 Street Improvement Economic Development Corporation (4B) projects and status update on the following items: • Pavement Management Background • Street and Sidewalk Assessment • Thoroughfares • Street Rehabilitation • Stop Sign and Street Name Sign Replacements • Traffic Camera Display.

Receive the 4B Financial Status Report as of December 31, 2025.

Attached is the Street Improvement Economic Development Corporation Financial Status Report for the quarter ending December 31, 2025. Sales tax receipts for December 2025 are $360,690, which is 8.88%, or $29,413 higher than the previous year. Total revenues as of December 31, 2025, are $511,110, which represents 11.50% of the budgeted revenues, which are $4,443,000 for the year. Total expenditures as of December 31, 2025, are $287,960 which reflects 4.35% of the budgeted expenditures, which are $6,074,275 for the year. Budgeted expenditures includes $2,937,000 in one-time capital items. As of December 31, 2025, 4B revenues exceed expenditures by $223,150. Sales tax is remitted to the City two months after the sale occurs.

Consider the ratification of an amendment to the Fiscal Year 2025-2026 Budget and Capital Improvement Plan for the Street Improvement Economic Development Corporation Budget.

On July 1, 2025, the Street Improvement Economic Development Corporation approved the Fiscal Year 2025-2026 Budget and Capital Improvement Plan for the Street Improvement Economic Development Corporation Budget. On September 9, 2025, the City Council approved the annual operating budget for Fiscal Year (FY) 2025-2026, including $6,074,275 for the Street Improvement Economic Development Corporation (4B) Fund. On November 18, 2025, the City Council approved Budget Amendment #1, which increased the 4B Fund budget by $108,826 for the Ford F550 diesel truck equipped with a dump bed. This item was approved by the Street Improvement Economic Development Corporation board at the July 1, 2025 meeting, and by the City Council at the July 22, 2025 Council Meeting. Funding for the purchase was available in the FY 2024-2025 operating budget; however, an amendment was necessary to roll the budget to the current fiscal year. On January 27, 2026, the City Council approved Budget Amendment #2, which increased the 4B Fund budget by $437,641 for the Gregory and Bedford Court Addition Project. This amendment was approved by the City Council with the understanding that it would be included as a ratification item on the next Street Economic Development Corporation agenda. The Gregory and Bedford Court Addition Project was included in the FY 2025-2026 Adopted Budget, with an appropriation of $2,800,000 in the 4B Fund. The street portion ($3,237,641) is higher than originally appropriated. The fund balance in the 4B Fund is sufficient to cover the additional $437,641 construction costs for street improvements.