Budget & Finance Committee - May 7, 2026

The RCTV Budget & Finance Committee met on May 7, 2026, to discuss various procurement and budget-related matters. Key procurement discussions included an update on the BOA building design and renovation project, with detailed cost estimates ranging from $18.7 million to $19.7 million and plans for a June 3rd final approval to purchase the property. The committee approved extending the initial permitting period for the BOA project with an additional $100,000 deposit. The meeting also covered approval of insurance bids totaling approximately $5.2 million, including cyber liability insurance with a focus on balancing coverage and investment in cybersecurity measures. Several budget amendments were approved, including reallocations within departments for equipment, disaster relief, and public safety needs. Grant applications were authorized for Brownfield site remediation, domestic violence court equipment, and litter control programs, among others. The committee reviewed the proposed general fund budget for the upcoming fiscal year, which includes a 1.25% pay table increase and step raises averaging 3% for most employees, with no proposed tax increase. Debt service fund updates highlighted healthy fund balances and recent bond refundings. Overall, the meeting focused on advancing capital projects, managing insurance coverage, approving budget reallocations, and preparing for the upcoming fiscal year budget process.