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ITEM: RESOLUTION NO. R2026-54 (BUDGET AMENDMENT TO APPROPRIATE Proceeds OF APPROXIMATELY $24 MILLION from the sale of a portion of the k-park site TO THE RATE STABILIZATION RESERVE AND THE ACME IMPROVEMENT DISTRICT STORMWATER PUMP STATIONS IMPROVEMENTS PROJECT)
A RESOLUTION OF WELLINGTON, FLORIDA’S COUNCIL AMENDING THE FISCAL YEAR 2025-2026 BUDGET FOR THE INITIAL SALE PROCEEDS OF THE K-PARK SITE APPROPRIATING TO THE RATE STABILIZATION RESERVE IN THE AMOUNT OF $15,000,000; AND THE GOVERNMENTAL CAPITAL FUND STORMWATER PUMP STATION IMPROVEMENT PROJECT BUDGET IN THE AMOUNT OF $9,383,598; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of Resolution No. R2026-54 by Wellington’s Council to appropriate the $24,383,598 in initial proceeds from the sale of a portion of the K-Park site by amending the Fiscal Year 2025-2026 Budget by increasing the Rate Stabilization Reserve by $15,000,000 and the ACME Improvement District Stormwater Pump Stations Improvements Plan by $9,383,598.
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EXPLANATION: During the annual Directions Workshop held with the Village of Wellington Council, the Long-Range Financial Plan is updated and presented. The recommendations from the May 13, 2026 workshop included the following regarding the proceeds in the amount of approximately $47 million from sale of the K-Park site are outlined below:
Sale of K-Park: Sale price - Related Ross $31 million; School Portion $16 million
1. Assign up to $15 million to the Rate Stabilization Fund.
2. Appropriate $10 million to the ACME Improvement District Stormwater Pump Stations Improvements Plan.
3. Appropriate $22 million for Strategic Capital Investment
Approval of Resolution No. R2026-54 amends the Fiscal Year 2025-2026 Budget as outlined above for the $28,341,098 in initial proceeds after reimbursing the Utility Fund $3,957,000 for the original percentage contributed for the purchase of the property.
The remaining portion of the K-Park site, the west portion slated for a school, is expected to close in December 2026. The remaining proceeds will be budgeted in the Strategic Capital Investment Reserve.
BUDGET AMENDMENT REQUIRED: YES
PUBLIC HEARING: NO QUASI-JUDICIAL:
FIRST READING: SECOND READING:
LEGAL SUFFICIENCY:
FISCAL IMPACT: Approval of Budget Resolution No. R2026-54 amends the Fiscal Year 2025-2026 budget for the $24,366,073 in proceeds from the sale of a portion of the K-Park site by increasing the Rate Stabilization Reserve by $15,000,000 and the ACME Improvement District Stormwater Pump Stations Improvements Project by $9,383,598.
WELLINGTON FUNDAMENTAL: Protecting our Investment
RECOMMENDATION: Approval of Resolution No. R2026-54 by Wellington’s Council to appropriate the $24,366,073 in initial proceeds from the sale of a portion of the K-Park site by amending the Fiscal Year 2025-2026 Budget by increasing the Rate Stabilization Reserve by $15,000,000 and the ACME Improvement District Stormwater Pump Stations Improvements Plan by $9,383,598.