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Staff reports municipal bond sale spending rising; 2023 sales at about 52%
Summary
Finance staff told the Other Public Meetings — Taxonomy meeting that spending from past municipal bond sales has increased: roughly 90% for 2022 sales, 52% for 2023 sales as of the meeting, and 14% for 2024 as of today; staff clarified a line item labeled 02/2002 as residual interest funds not yet associated with a project.
Finance staff reported to the Other Public Meetings — Taxonomy that spending from municipal bond sale proceeds has increased across several sale years, and answered a question about an item labeled "02/2002."
The update matters because bond sale spend-down affects financing availability for capital projects and the committee's oversight of bond proceeds. Committee members asked for clarification about an item listed as 02/2002; staff said it was residual interest and funding left over from that year and has now been associated with projects.
A finance staff member said, "We're still about 90% of the 2022 sale. 2023 sales, 50%, that's really jumped up to 52% as of today. 13% as of the report date for '24, it's jumped up to 14%." The presiding member then asked if there were questions; another member asked, "What why do we show still show, 2002 on on this? 2022?" The finance staff replied that the 02/2002 line represented older interest that had been revisited and had money left, and that it "wasn't associated with the project yet, and they've got that in there now."
The discussion was informational; there was no motion or formal action on the report. Staff did not provide a detailed breakdown of which projects will receive the residual funds or a comprehensive timeline for spending; those items were not specified in the meeting record.
Committee members accepted the informational report and moved on to other agenda items.
