Council Plans Funding Transfer for Nordic Cottages and Upcoming Capital Projects

The Poulsbo City Council convened on July 16, 2025, to discuss several key financial and development initiatives, primarily focusing on upcoming debt issuance and capital projects.

The meeting began with a presentation regarding the Nordic Cottages project, which is nearing completion. The council discussed a proposal to transfer funds from the general fund to the facilities fund to support this project, avoiding the need for an interfund loan that would incur interest. This transfer is intended to facilitate the funding of the Nordic Cottages, Knoll Road, and the Perk project, with plans to issue debt in the coming months.

City officials outlined that the debt issuance process is expected to begin in September or October, with the actual proceeds anticipated by December. The proposed funding includes approximately $2.5 million for Knoll Road, $2.5 million for the Nordic Cottages, and over $11 million for the Perk project. The council emphasized the importance of having a dedicated revenue stream to manage the repayment of the larger projects, particularly the Perk initiative.

Additionally, the council addressed the application for sewer project funding through the Public Works Assistance account, with a submission deadline set for August 8. This funding is part of ongoing efforts to enhance the city's infrastructure.

The meeting also touched on the administration of Section 8 vouchers for the Nordic Cottages, confirming that the housing authority is managing this program. The city is working with the State Auditor to ensure proper application of these funds, as the city will act as a sub-recipient.

In conclusion, the council's discussions highlighted significant financial planning and development efforts aimed at improving city infrastructure and housing options. The next steps include finalizing the fund transfers and preparing for the upcoming debt issuance, with further updates expected in future meetings.