Finance committee reports large developer payments, approves bills and readies $47.5M WIFIA draw

The Diversion Authority Finance Committee on Feb. 25 approved its routine bills and finance report, reviewed a cash-budget update that showed heavy recent spending tied to developer milestone payments, and was briefed on an imminent WIFIA draw request to the Environmental Protection Agency.

Susan Thompson, Finance Director for the City of Fargo, presented the bills (packet, p.5) covering expenses through Feb. 17, 2026 totaling $1,241,170.01 and said these were primarily project-related rather than land-acquisition expenses. A motion to approve the bills was made, seconded and approved by roll-call vote.

Thompson also reviewed the finance statement (packet, p.37), noting that sales tax figures are reported two months in arrears (November was the latest included) and giving a consolidated statement of net position: assets $222,830,721; liabilities $147,316; net position $222,683,405. She pointed committee members to a cash-tracking box in the packet that staff are using to monitor available cash as developer payments are processed.

In the cash-budget briefing, Paul (finance staff) explained accounting timing differences and reported the authority spent over $47,000,000 in the previous month. "Of which the majority of that payment is about 43, just over $43,000,000 in milestone payments to the developer," he said. He warned additional land- and impacted-property expenses will appear as settlements finalize.

Paul also said staff have finalized the materials for their first WIFIA draw submittal and plan to request just over $47,500,000 from the EPA; the EPA has preliminarily reviewed invoices and indicated that a draw submitted on March 1 could be reimbursed by March 15, subject to federal-government operations remaining open. The committee treated the WIFIA item as information only; no committee vote was required.

The committee confirmed its next meeting for March 25 and adjourned.