HERCULES PUBLIC FINANCING AUTHORITY
PFA RESOLUTION NO. _______
a Resolution of the Public Finance Authority approving The Fiscal Year 2026-27 Hercules Public Financing Authority Budget Plan consisting of debt service In The Amount Of $2,025,144.
WHEREAS, the Hercules Public Financing Authority (PFA) has prepared and adopted annually the operating budgets of the various funds of the Authority with the intent of providing a policy program for Authority services and a financial system to carry out the planned program of services; and WHEREAS, the Executive Director has prepared and is submitting an operating and transfers budget for FY 2026-27; and WHEREAS, the total budgeted debt service expenditures for fiscal year 2026-27 are projected at $2,025,144. This expenditure is expected to be offset by revenues from various sources throughout the year. If any individual fund experiences a shortfall—where expenditure exceeds revenues—this gap will be addressed using Fund Balances or through temporary loans from other funds; and WHEREAS, the Authority held a Joint Public Hearing on June 23, 2026, for the purpose of reviewing and discussing the FY 2026-27 fiscal year operating budget and providing the opportunity for public input and discussion.
NOW, THEREFORE, BE IT RESOLVED, by the Authority Commission of the Hercules Public Financing Authority as follows:
The Authority hereby approves the debt service obligation for Fiscal Year 2026-27, as detailed in the accompanying FY 2026-27 budget document.
The Authority approves that funding be, and they are hereby, appropriate for operations in the amount $2,025,144 for FY 2026-27 for all funds and departments of the Authority in the manner and for the purposes set forth in the FY 2026-27 budget document.
The Authority authorizes the use of Available Fund Balances in those funds where projected expenditures are greater than projected revenues, and that the Treasurer or the Finance Director be authorized to make loans during the fiscal year from one fund or entity to another fund or entity as deemed necessary and as appropriate.
The Authority authorizes the Executive Director, the Treasurer/Finance Director and their designees to approve and make payment for debt services received by the Authority in accordance with the Authority’s approved budgets, programs and policies.
The Authority authorizes the Executive Director and his/her designee, the foregoing notwithstanding and without further Authority Commission approval, to (1) pay all amounts allowed under contracts approved by the Authority Commission regardless of the amount of any such payment(s) (in the case of the PFA, any principal and interest payments on debt issues) and (2) make any transfer of funds, or transfer of bond proceeds for capital projects and debt service in other funds, identified in the Authority budget.
The foregoing Resolution was duly and regularly adopted at a regular meeting of the Public Financing Authority of the City of Hercules held on the 23rd of June 2026, by the following vote of the Commission:
AYES:
NOES:
ABSTAIN:
ABSENT:
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Chris Kelley, Board Chair
ATTEST:
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Eibleis Melendez, Secretary