Council committee approves 2025 bond ordinances as administration shifts to ‘borrow‑when‑spent’ capital plan

The Municipal Services and Properties Committee on Sept. 29 approved a package of bond ordinances and amendments while the administration outlined a new capital‑funding approach that aims to borrow only for projects the city will execute in the current year. The administration said it previously proposed a $76 million capital program but — after meetings with council and Mocap — trimmed the immediate borrowing request to $36,044,000 for projects expected to be under contract or purchased in 2025. The finance director told the committee that by deferring borrowing for projects that will not be executed this year the city avoids near‑term debt service; advisors estimated $2.2 million to $2.4 million in debt service the city will not incur next year by delaying that borrowing. Staff said the bond legislation has a modest cushion for issuance costs and that the total authorization on bond ordinances may be higher to accommodate those costs. Committee members asked how the carryover projects will be handled. Staff said the…