Stafford Center budget adds $2.3M transfer; combined reserves fall short by about $883,020

Stafford Center staff presented the center's FY202627 budget and described its operating relationship with the city. The presenter (S14) said the center plans transfers and that, historically, hot-fund transfers have reduced the center's operating loss.

City finance staff (Miss Shaw, S13) explained a $2.3 million transfer from the center into the city general fund to address an audit comment. After including Stafford Center figures, staff recalculated the combined reserve requirement and projected ending balances: the council was told the combined ending balance would be about $8.61 million while the required three-month reserve is approximately $9.34 million, leaving the city roughly $883,020 under the requirement. Councilmembers asked for and received line-item clarifications and were told staff will circulate detailed numbers to the council.