[00:00:01]
OKAY. WE'RE GOOD. CHAIR. I WILL OPEN THIS MEETING OF THE WEST JORDAN MUNICIPAL BUILDING
[CALL TO ORDER]
AUTHORITY ON THIS TUESDAY, MAY 12TH, 2026. AT THIS TIME, WE'RE DOING THIS AT 8 P.M.APPROXIMATELY FOR OUR STARTING TIME. WE HAVE ALL COUNCIL MEMBERS PRESENT, AS WELL AS
[a. MBA Resolution No. 117 Adopting the Tentative Budget for the Municipal Building Authority for Fiscal Year 2027 and Setting May 26, 2026 as the Date for a Public Hearing Regarding the Adoption of the Final Budget Which Includes an Increase to Property Tax Revenue]
MEMBERS OF OUR CITY STAFF. OUR ONE BUSINESS ITEM ON THIS IS GOING TO BE IN A RESOLUTION NUMBER 117, ADOPTING THE TENTATIVE BUDGET FOR THE MUNICIPAL BUILDING AUTHORITY FOR FISCAL YEAR 2027 AND SETTING MAY 26TH, 2026 AS THE DATE FOR A PUBLIC HEARING REGARDING THE ADOPTION OF THE FINAL BUDGET. ONCE AGAIN, WE HAVE MISS BECKY CANDY HERE.THANK YOU VERY MUCH. THIS IS FOR THE MUNICIPAL BUILDING AUTHORITY, WHICH IS THE ENTITY THAT TECHNICALLY OWNS THE PUBLIC WORKS BUILDING. IT LEASES THE SPACE IN THAT BUILDING TO THE CITY, BOTH THROUGH THE GENERAL FUND AND THE DIFFERENT UTILITY FUNDS THAT HAVE SPACE OVER THERE IN THAT FACILITY. THOSE PAYMENTS GO TO THE M, B, A, AND THAT LEASE REVENUE IN THE NBA IS USED TO PAY THE DEBT SERVICE. ON THE BOND THAT WAS ISSUED BACK IN 2016. HERE IS THE THE BUDGETED INFORMATION, THE FINANCIAL INFORMATION FOR 2020, FISCAL YEAR 27. THOSE LEASE PAYMENTS ARE $1.8 MILLION, WHICH WOULD JUST TURN AROUND AND PAY THOSE BOND AND INTEREST PAYMENTS ON THE DEBT. THE RESERVE AMOUNT THAT YOU SEE THERE, $1.9 MILLION, WILL BE HELD IN RESERVES UNTIL THE FINAL YEAR OF THE THE BOND PAYMENT, WHICH WILL THEN CLOSE OUT THE DEBT ON THAT MBA ISSUE. THE TIMELINE FOR THE MBA IS VERY SIMILAR TO WHAT WE'RE GOING THROUGH IN ALL OF OUR OTHER ENTITIES. RECEIVED THE BUDGET LAST WEEK. TONIGHT WOULD BE ADOPTING THE TENTATIVE BUDGET ALLOW YOU TO HAVE ANY DISCUSSION ON IT. THERE WILL BE A PUBLIC HEARING SET FOR MAY 26TH, AT WHICH POINT THE PUBLIC COULD COMMENT IF THEY SO CHOOSE BEFORE YOU ADOPT THE ANNUAL BUDGET, WHICH WE ARE PROPOSING TO HAPPEN ON JUNE 9TH. ARE THERE ANY QUESTIONS REGARDING THE MUNICIPAL BUILDING AUTHORITY? DO WE HAVE ANY QUESTIONS FROM ANY OF THE MEMBERS OF THE BOARD? SEEING NONE, I WILL SAY THAT WE HAVE NONE. SO I WILL LOOK FOR A MOTION THEN ON THIS. VICE CHAIR.
I MOTION TO APPROVE RESOLUTION NUMBER 117 ADOPTING THE TENTATIVE BUDGET FOR THE MUNICIPAL BUILDING AUTHORITY FOR FISCAL YEAR 2027 AND SETTING MAY 26TH, 2026, IS THE DATE FOR A PUBLIC HEARING REGARDING THE ADOPTION OF THE FINAL BUDGET, AND I WILL SECOND THAT. SO WE HAVE A MOTION TO APPROVE FROM VICE CHAIR AND A SECOND FROM MYSELF, ANY DISCUSSION WITH THE BOARD ON THIS? NONE. WITH THAT, I WILL GO TO A VOTE WITH MISS QUICK.
BOARD MEMBER. SHELTON. YES. BOARD MEMBER. HARRIS. YES. BOARD MEMBER. JACOB. YES. CHAIR.
BRADOR. YES. VICE CHAIR. WAGNER. YES. BOARD MEMBER. LAMB. YES. BOARD MEMBER. WHITELOCK. YES.
THANK YOU. I SHOW THE MOTION PASSES 7 TO 0. AND WITH THAT PASSING, WE WILL CLOSE
* This transcript was compiled from uncorrected Closed Captioning.