Debt Policy and Bond Authorizations

At a glance

What: Farrell said the Council should rescind bond authorizations for projects no longer pursued, specifically speed humps, and that FY2027 debt service projections exceed the City debt policy cap of 10 percent of the budget.
Where it stands: No legislation or vote yet. Fitzpatrick said projected debt service is based on existing debt and referred the policy question to the Treasury; Brodie warned that Revenue Anticipation Notes would add debt service in FY2027.
Next: Administration to provide a list of bonds not issued and projects that may be pulled back; Council could take up rescissions.

Farrell asked for a list of unissued bonds, whether the City borrowed for projects no longer considered, whether it borrowed against anticipated revenue not received, and for Ward's view on past use of Bond Anticipation Notes. Dixon said she would get back to her on the revenue-based borrowing question.
The Capital Improvement Plan must be redone; a review is under way.
September 16 caucus: Farrell noted a form for speed hump location recommendations to the Administration. The August 19 remark that the Administration will not pursue speed humps conflicts with that circulating form; the record does not explain the difference.
Related: Midyear Budget Deficit.

Speed hump location form noted. No vote.

Debt policy and rescission raised as above. No vote.