Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Public Building Commission reports $258.7 million net position; sales tax funds most PBC projects
Summary
Becky Jones presented semiannual financial statements showing a PBC net position of $258.7 million, with 78% of financed buildings tied to public safety projects supported by a sales tax and the remainder funded by countywide revenues, library and transit.
Becky Jones of Financial Management and Administration presented the Public Building Commission’s semiannual financial reports on Feb. 6, outlining the statement of net position and the statement of revenues, expenses and changes in fund net position for the period ending Dec. 30, 2024.
Jones said the PBC’s net position is $258,700,000. She described the PBC mechanism: the commission issues bonds to construct and improve buildings, leases those buildings back to the county, and uses lease payments to fund debt service. Jones said all balances are trending as expected and noted a slight net position increase in 2024 after issuing debt for the Human Services Building.
Jones said the revenue sources covering bond payments are concentrated: 78% of the buildings currently financed are related to public safety projects and have a corresponding sales tax covering the payments; the remaining 22% receive revenues from countywide revenues, the library and a very small amount from transit. She further noted that interest income has rebounded as the market improves and that interest expense has remained relatively flat over the past four years.
After Jones’ presentation, a commissioner asked whether the interest gained by the PBC would still be subject to the same bill referenced earlier; the record shows staff confirmed that was correct.
