Carmel Redevelopment Commission approves minutes, hears $4.99 million cash balance and $12,851.33 in claims

The Carmel Redevelopment Commission approved its meeting minutes and authorized payment of a single set of non‑operating claims totaling $12,851.33 at its regular monthly meeting.

Mr. Lee presented the commission's end‑of‑month cash balances for February, saying, “The commission's end of month balance for February was $4,991,186. And including the restricted funds, it was $18,906,139.” The claims presented for payment were described as non‑operating expenses totaling $12,851.33; the commission moved, seconded and approved payment by voice vote with no opposition recorded.

A commissioner asked for clarification about an “ongoing arbitrage service” line item. Mr. Lee and the executive director explained that arbitrage refers to IRS rules governing interest earned on public funds and that the city and commission use financial advisors and bond counsel to ensure compliance with those rules.

There was no roll‑call tally of votes in the record; the chair recorded approval by voice vote. No additional financial action items were taken at the meeting.