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BET approves $74.5 million capital appropriation resolution; vote 4–2
Summary
The board approved a resolution authorizing $74,522,646 in capital appropriations for FY 2025–26 and the issuance of general obligation bonds in that amount; the vote was 4–2 with two commissioners recorded as opposed.
The Board of Estimate and Taxation voted on May 5 to approve a resolution making appropriations totaling $74,522,646 for the FY2025–26 capital budget and authorizing the issuance of general‑obligation bonds to meet those appropriations.
A staff member read the resolution into the record before discussion. Tom and city staff emphasized that board approval of the resolution is a final step to authorize the appropriations but does not obligate the city to immediately issue bonds for the full amount; actual bonding will be based on project cash flows, timing and departmental requests. Bond counsel (Shipman & Goodwin) and the city’s financial adviser had reviewed the resolution.
Commissioner Anne Yang said she would “stick with our original recommendation” to keep capital borrowing lower and cited historical spending patterns and changing economic conditions; she and another commissioner opposed the resolution at the vote. Chairman Artie called for the vote; the resolution passed 4–2. The transcript records the board’s roll call result: Miss Yang and Mr. Gelarett opposed; Mr. Kasimis, Mr. Konstan, Mayor Rilling and the chair voted in favor.
The board’s approval completes the BET’s role on the FY25–26 capital appropriations; staff reiterated that cash‑flow estimates will determine actual issuance amounts and timing.
