FINAL ADOPTED BUDGET FY2021-22

Highlights Through the 2006, 2008 and 2009 bond referenda, voters authorized the City to issue $228.4 million in General Obligation bonds. The 2016 referenda authorized the issuance of an additional $126 million in bonds. The City also occasionally utilizes Special Obligation bonds, such as WKRVH EHLQJ XVHG WR IXQG WKH &LW\¶V FRQWULEXWLRQ WR WKH 7DQJHU 3HUIRUPLQJ $UWV &HQWHU There are over $290 million of authorized bond funding reflected in the CIP, including $37.7 million for Transportation projects, over $252 million for Parks & Recreation, Planning, Neighborhood Development and Field Operations, and a variety of other projects funded by authorized bonds. As directed by City Council, bond issuance was planned over five years, with the last issuance of $36 million expected in early 2022. Debt service costs associated with the debt issuance to fund authorized bond projects reduces to just under $35 million in FY 21 22. The CIP includes approximately $468 million of Unauthorized Bond funded projects, such as the proposed Windsor Chavis Nocho joint use facility, continued implementation of the Housing GSO Plan and other projects being considered for future bonds. These bond funds are used for projects which replace aging infrastructure, facilities, and major equipment, targeted programs to support affordable housing efforts, new facilities based on future demand and growth, and other capital needs identified by departments for planning purposes. Total unauthorized bond projects reflects the identification of the next generation of capital needs across that the City will need to address in the coming fiscal years. Over the next ten years, the City will continue its efforts to fund a significant portion of Water Resources projects using Pay As You Go funding using revenues collected from user fees by the enterprise fund. Water Resources expects to fund approximately $660 million of projects through enterprise funds, allowing the department to save on interest expenses and maintain a strong position with bond rating agencies. In addition, Water Resources estimates spending over $364 million in revenue bonds over the next 10 years. The City continues to seek grant funding to provide additional support for CIP projects as opportunities allow. Total grant funding in the CIP equates to approximately $204.5 million. Grants include any funding received from the State or Federal Government that often require a local match from the City. During the 10 year planning period, Grants are projected to be available to support a variety of Transportation projects, including sidewalk construction, road projects, and transit improvements. Finally, this CIP includes almost $71.5 million categorized as Other Revenue. Limited obligation bonds are a major source of Other Revenue in the CIP. Limited Obligation Bonds are supporting two new downtown parking decks and the replacement of two aging Fire Stations.

Adopted 2021-22 Budget

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