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Aug 16, 2023 · Related development

LGC board approves its 2023-24 budget with $318,750 in place of $425,000

Presented with options for whether the retail space sold by January 2024, the LGC board approved the 2023-24 budget unanimously on Councilmember Cole Stanley's motion "with the change from $425,000 to $318,750" and a minimum operating reserve of $250,000 plus three months of operating costs. The same meeting recommended the retail sale to Llano Group. The LGC's account register later records a $318,750.00 "LGC Parking Garage Debt Svc Pm" on September 26, 2024.^[1]^[2]

Cole Stanley Laura Storrs Amarillo Local Government Corporation (LGC)

What the sources say

✓ Verified
The August 16, 2023 minutes do not say which budget line the change "from $425,000 to $318,750" applies to. Earlier LGC minutes describe $425,000 as the garage's debt-service funding level in the downtown pro forma, and the LGC's fiscal 2024 account register lists a $318,750.00 payment described as "LGC Parking Garage Debt Svc Pm" on September 26, 2024. No source read ties the two figures together. ^[1]^[3]^[2]

Sources

1.Amarillo Local Government Corporation minutes, August 16, 2023 — City of Amarillo, Aug 16, 2023 · retrieved Oct 10, 2026primarySubject-authoredScanned minutes (read visually). Items 6 and 7.
2.Amarillo Local Government Corporation account register, October 1, 2023 - September 30, 2024 — City of Amarillo, Apr 1, 2026 · retrieved Oct 18, 2026primarySubject-authoredScanned G/L by Business Unit report (City report R09420) listed on the City's Financial Transparency page under 'Component Unit Account Registers'. Columns: explanation, document type and number, G/L date, debit, credit. Figures cited on this site were read from the page images. Covers the LGC operating bank account (9280.10279, BOA - LGC Operating); report run March 27, 2026, posted April 1, 2026.
3.Amarillo Local Government Corporation Board of Directors minutes, May 25, 2022 — Amarillo Local Government Corporation Board of Directors (via City of Amarillo CivicClerk), Jul 20, 2022 · retrieved Oct 22, 2026primarySubject-authoredApproved, with a corrected attendance entry, at the July 20, 2022 meeting. Scanned minutes (OCR).