2025 Annual Comprehensive Report

The City adopted the FY 2026-2035 Capital Improvements Program (CIP) totaling $2,809,898,150 for projects as outlined below: Table C-2 CIP Expenditures – 10 Year Plan CIP Expenditure Category by Service Area % of Total CIP Infrastructure 80.1% Community Services 15.1% Public Safety 4.8% 100.0% Table C-3 CIP Funding Sources – 10 Year Plan CIP Funding Source % of Total CIP Revenue Bonds 39.9% Enterprise Funds 24.2% Grants/Other 19.4% Unauthorized Bonds 16.5% 100.0% Additional information on the City’s capital assets can be found in Note I.D.6 and IV.D of this report. B. Long-Term Debt As of June 30, 2025, the City had total bonded debt outstanding (at par) of $1,014,882,695 with $311,165,000 backed by the full faith, credit and taxing power of the City, $47,675,000 backed by Hotel/Motel occupancy tax of the City, $36,680,000 backed by Tanger Center parking fees, ticket fees, and hotel motel tax from the County, $57,975,000 backed by revenue generated from parking fees and property and sales tax generated from the new downtown development, $71,340,000 backed by property tax revenue, $490,047,695 backed by a revenue pledge of the Combined Enterprise System (currently Water Resources utility system). Table D-1 General Obligation, Limited Obligation, Special Obligation and Revenue Bonds – Outstanding Debt (In thousands of dollars)

The City’s total overall outstanding bonded long-term liabilities increased approximately $120.4 million during the current fiscal year due to the issuance in August 2024 of the $40.6 million Series 2024 Limited

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