Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Treasurer reports $1M-plus from auction, successful bond sales and borrowing costs
Summary
Treasurer-Collector Martin Brophy told the Finance Committee Brockton realized slightly more than $1 million at a recent real-property auction, completed a bond sale at sub-4% rates and issued temporary borrowing for the public safety project at about 4.9%.
Treasurer-Collector Martin Brophy told the Finance Committee on June 16 that proceeds from a recent real-property auction exceeded $1 million and that the city executed recent debt transactions at competitive rates.
Why it matters: Auction proceeds and debt-market performance affect the city—s liquidity and cost of capital for projects such as the Public Safety Building.
Key finance highlights from Brophy - The city—s real-property auction produced a little over $1,000,000 in unanticipated receipts, Brophy said. - Brophy said a recent bond sale priced with rates below 4%, and a temporary borrowing for the Public Safety Building and 2-way traffic work (~$22,000,000) was executed at about 4.9%. - The treasurer reported improved collection activity: the collector—s office had collected more than $240,000,000 to date for the fiscal year, about $7,000,000 more than at the same point the prior year.
Debt and reserves context - Brophy and CFO Clarkson said the city remains in the market for borrowing and that improved reserve position and debt management support the city—s stable outlook; Standard & Poor's recently moved Brockton—s financial outlook from negative to stable in materials cited during the hearing.
Ending - Brophy said he and finance staff will provide further documentation about reserves and debt when requested by councilors.
