Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Norwalk finance chief outlines capital plan, warns of borrowing limits under AAA standard
Summary
City CFO Jared Schmidt told the Economic Community Development Committee the city is proposing about $74 million of capital authorizations this year but remains roughly $64 million under a $650 million debt cap linked to its AAA rating; Schmidt and advisers urged restraint in future years to protect the rating.
Jared Schmidt, the city’s chief financial officer, told the Economic Community Development Committee on March 31 that the city’s capital plan seeks substantial authorizations this year but remains inside a legally and rating-driven borrowing ceiling.
Schmidt said the finance team recommended about $74 million in authorizations for next year’s capital plan while using bond premium to offset some debt-service payments. He and the city’s municipal financial adviser modeled a total long-term debt load of roughly $585 million under current authorizations and outstanding bonds, leaving about $64.5 million of capacity under a $650 million ceiling that supports Norwalk’s AAA credit rating.
Why it matters: The…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
