FINAL ADOPTED BUDGET FY2022-23

Highlights Of the $228.4 million in General Obligation bonds authorized by voter approval in 2006, 2008, and 2009 the City has $17.6 million of those dollars planned to be spent in the next ten years, and all but about $79,000 to be spent by the end of FY23 24. The 2016 referendum authorized the issuance of an additional $126 million in bonds of which $61 million is planned to be spent in the next ten years, and all but $5.2 million to be spent by the end of FY23 24. These past bond authorizations account for only 4% of the overall CIP revenue sources. About $513.9 million, or 28%, of CIP funding over the next ten years is expected to come from revenue bonds. Another $448.5 million of the CIP is planned to be funded through enterprise funds such as Water Resources. There are over $78.6 million of authorized bond funding reflected in the CIP, including $47.2 million for Transportation projects, and over $31.5 million for Parks & Recreation, Planning, Neighborhood Development, and Field Operations. 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 is scheduled at $31.1 million in FY 22 23. The CIP includes approximately $419.5 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, 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 reflect 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 $960.3 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 $513.9 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 $228.6 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 $76.3 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 2022-23 Budget

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