Council establishes separate pool fund

Things appear to be heating up in terms of motion toward at least initial steps in Boulder City building a new pool. Those steps are not anything that residents will see for a while, but they set the stage.

Two actions moved the city further along that path in the council meeting of April 23. The first was the introduction of a bill to approve the sale of about 45 acres of land adjacent to the Boulder Creek Golf Club to Las Vegas-based home builders Toll Brothers. Known as Tract 350, this sale would eventually bring more than 100 new —largely luxury —homes with 90% of the proceeds being slated to help fund the aquatic facility.

A bill introduction is just that. No action is taken. The bill to approve the sale is expected to come before the council in their May 14 meeting. Typically, a bill like this will require a public hearing, including a set-aside period of time for residents to weigh in on the sale.

The second step was the approval of a staff-advised new city fund that would specifically fund all things pool related.

This is not just for construction, it is an ongoing official fund that would be used to fund maintenance and operations once the facility is finally built (a process that is likely several years down the road from completion).

According to Finance Director Cynthia Sneed, establishment of a specific fund is being requested in the name of greater transparency and accountability as the city seeks to spend what may be more than $40 million on a pool.

Initial funding of the fund would come from three sources. The first is an existing multi-purpose fund that was set up to receive a private donation of $1.5 million made to the city several years ago and earmarked specifically for a new pool. The second is an Extraordinary Maintenance fund, which is another already-existing fund, which gets money realized from better than expected revenues from prior years (i.e., tax revenue that comes in higher than what was budget for). Added to this are about $12 million in already voter-approved funds.

In addition to this would come about $1.5 million in budget augmentations from the current fiscal year as well as 90% of the proceeds of the Tract 350 sale when it occurs.

Finally, the fund would include a voter-approved transfer of up to $9 million from the Capital Improvement Fund if a ballot initiative seeking said approval is passed in the upcoming November 2024 election.

If it all happens, after money is spent on construction, the fund would continue to refill via a combination of user fees and facility rental revenue and shortfalls would be funded from the city’s general fund.