Julie Lu
7:02 - 8:09
"by code we have— we, we had to look at what the investment earnings of the enhancement fund was for the fiscal year, and then we also had to calculate what the inflation-proofing amount is by looking at the last 5 years of inflation rates. So it came out to be that the investment earnings was greater than the inflation-proofing amount, and as such, the code stipulates that we have to transfer, um, the difference between the earnings and inflation amount to the general fund, provided that the general fund does not have— does not have a deficit. So in FY26, we are anticipating the general fund to have deficits. So as such, we transferred about $1.14 million from the— from the earnings of the enhancement fund to the general fund, and that essentially helped to reduce the shortfall, uh, of the general fund."
“by code we have— we, we had to look at what the investment earnings of the enhancement fund was for the fiscal year, and then we also had to calculate what the inflation-proofing amount is by looking at the last 5 years of inflation rates. So it came out to be that the investment earnings was greater than the inflation-proofing amount, and as such, the code stipulates that we have to transfer, um, the difference between the earnings and inflation amount to the general fund, provided that the general fund does not have— does not have a deficit. So in FY26, we are anticipating the general fund to have deficits. So as such, we transferred about $1.14 million from the— from the earnings of the enhancement fund to the general fund, and that essentially helped to reduce the shortfall, uh, of the general fund.”
- Speaker
- Julie Lu
- Timestamp
- 7:02 – 8:09
- Transcript
- Kodiak: October 8, 2026, Work Session
- Community
- Alaska News
- Location
- Kodiak
- Captured at
- October 8, 2026
From the transcript
Through the mayor, um, Council Member West, um, essentially by code we have— we, we had to look at what the investment earnings of the enhancement fund was for the fiscal year, and then we also had to calculate what the inflation-proofing amount is by looking at the last 5 years of inflation rates. So it came out to be that the investment earnings was greater than the inflation-proofing amount, and as such, the code stipulates that we have to transfer, um, the difference between the earnings and inflation amount to the general fund, provided that the general fund does not have— does not have a deficit. So in FY26, we are anticipating the general fund to have deficits. So as such, we transferred about $1.14 million from the— from the earnings of the enhancement fund to the general fund, and that essentially helped to reduce the shortfall, uh, of the general fund. Thank you.
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