CC MEETING: May 7, 2013
DATE: April 25, 2013
TO: Leonard Martin, City Manager
FROM: Cesar J. Molina, Jr., P.E., Director of Engineering
Title
Discuss Bond Election.
Body
BACKGROUND:
At the April 2013 Retreat, City Council directed staff to begin working immediately towards a November 2013 bond election. Staff has developed a schedule to engage the Capital Improvements Project Advisory Committee (CIPAC) in assisting with the prioritization of projects.
Before proceeding on this effort, staff needs further direction from Council. At the Retreat, Council directed staff to develop three funding scenarios for the bond election. These scenarios are based upon determining total bond capacity based on three debt service levels. The scenarios would be based upon a tax rate allocation of 20.6 cents, 21.6 cents and 22.6 cents. These different scenarios will determine the overall debt capacity and the amount of funds that can be authorized. The current tax rate funding level of 22.6 cents will yield a bond capacity of $60 million. Staff and CIPAC also need guidance on the appropriate amount of funding to use for the major project categories. As a point of reference, in the 2003 bond election City Council directed staff to allocate approximately 80 percent of available debt capacity towards infrastructure projects, with the balance applied towards culture, leisure and public safety projects. The actual amounts for the 2003 bond election are as follows:
Infrastructure $65,400,000 83.4 percent
Streets $50,000,000
Drainage $15,400,000
Public Safety/Parks $13,050,000 16.6 percent
Public Safety $750,000
Parks $12,300,000
Total $78,450,000
In the 2007 bond election City Council directed staff to allocate no less than 70 percent of the available funds toward infrastructure projects, with the balance applied towards other needs. The actual amounts for the 2007 bond election are as follows:
Infrastructure $38,750,000 71....
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