Jun 4, 2026 · Resolution

FY2025 annual report: City loan to TIRZ #1 at $972,218; no LGC loan balance stated

The City's annual comprehensive financial report for the year ended September 30, 2025 lists $972,218 owed on the City's loan to TIRZ #1, $682,890 in TIRZ #1 property tax rebates for the year, $9,630,000 outstanding on the 2016 garage bonds, and LGC expenses of $2,259,604. Its TIRZ #1 note no longer gives a balance for the TIRZ #1 loan to the LGC.^[1]

Amarillo Local Government Corporation (LGC)

What the sources say

✓ Verified
The FY2025 annual report states that TIRZ #1 made $682,890 in property tax rebates in 2025, had $1,160,000 in outstanding commitments for community and Center City projects at September 30, 2025, and owed $972,218 on the City's fiscal-2017 loan.^[1]
Rebates
$682,890
Commitments
$1,160,000
City loan balance
$972,218
✓ Verified
Unlike the FY2021-FY2024 reports, the FY2025 report's TIRZ #1 note gives no balance, interest or forgiveness figures for the TIRZ #1 loan to the LGC. The report does not say why, and no fetched source states whether that loan was repaid, forgiven or reclassified.^[1]^[2]
✓ Verified
The City's General Obligation Refunding Bonds, Series 2020 (issued May 12, 2020) include $1,460,000 supported by TIRZ #1, of which $905,000 was outstanding at September 30, 2025, maturing by February 15, 2032.^[1]
Tirz supported issued
$1,460,000
Outstanding 2025
$905,000
✓ Verified
The City's statement of activities shows the LGC with $2,259,604 in expenses, no charges for services and $473,018 in operating grants and contributions in fiscal 2025, a net expense of $1,786,586; for fiscal 2024 it shows $2,278,916 in expenses and $825,721 in program revenue.^[1]^[2]
Expenses 2025
$2,259,604
Operating grants 2025
$473,018
Net expense 2025
$1,786,586
Expenses 2024
$2,278,916
Program revenue 2024
$825,721
✓ Verified
The FY2025 report's ten-year table lists LGC expenses of $64,084 (2016), $311,006 (2017), $2,022,550 (2018), $2,042,521 (2019), $2,224,775 (2020), $2,333,666 (2021), $2,079,476 (2022), $1,916,744 (2023), $2,278,916 (2024) and $2,259,600 (2025).^[1]
Expenses 2016
$64,084
Expenses 2017
$311,006
Expenses 2018
$2,022,550
Expenses 2019
$2,042,521
Expenses 2020
$2,224,775
Expenses 2021
$2,333,666
Expenses 2022
$2,079,476
Expenses 2023
$1,916,744
Expenses 2024
$2,278,916
Expenses 2025
$2,259,600
✓ Verified
The FY2025 report states that in July 2024 the City sold the retail portion of the garage to a private developer.^[1]^[3]

Sources

1.City of Amarillo Annual Comprehensive Financial Report, fiscal year ended September 30, 2025 — City of Amarillo, Jun 4, 2026 · retrieved Oct 9, 2026primarySubject-authoredNote 13 (long-term obligations) describes each certificate-of-obligation series; Note 29 (subsequent events) records the Series 2026 and 2026A certificates, the Series 2026 PPFCOs and 2026 water-sewer revenue bonds. Issue dates differ in places between Note 13 and the statistical tables.
2.Annual Comprehensive Financial Report, fiscal year ended September 30, 2024 — City of Amarillo, Mar 25, 2025 · retrieved Oct 9, 2026primarySubject-authoredIndependent auditor's report on CMMS CPAs & Advisors PLLC letterhead dated March 25, 2025. Note 1 describes prior period adjustments. Re-hosted on amarillo.gov in March 2026.
3.Amarillo Local Government Corporation minutes, July 17, 2024 — City of Amarillo, Jul 17, 2024 · retrieved Oct 10, 2026primarySubject-authoredItem 4.C: sale of the retail space complete as of July 2, 2024.