Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Public Finance topic
No spam. Unsubscribe anytime.
Piedmont pool bond oversight committee says Measure UU funds fully expended; project budget now near $34.9 million
Summary
The Pool Bond Oversight Committee presented its final report to the Piedmont City Council, saying Measure UU bond proceeds (about $25.3 million) and interest were fully expended; total project costs rose to roughly $34.9 million with multiple funding sources covering the increase.
Pat Leischer, chair of the Pool Bond Oversight Committee, presented the committee’s final report to the Piedmont City Council, saying that all Measure UU bond proceeds and interest had been expended on the community pool project and that the committee’s term ends with its final report.
Leischer told the council the committee monitored expenditures and contract allocations since it began meeting in 2022. "The bond and the interest was a little over $25,000,000 and the total cost of the project now is just under $35,000,000," she said, adding that soft costs were limited to 20% of the total and came in around 18%.
Finance Director Kiran Bawa reviewed the finances: the original Measure UU proceeds totaled $25,300,000 (par value plus premium), with net project proceeds of about $25,100,000 after issuance costs. City staff presented a project budget that increased from an original figure near $28.9 million to a current total project budget of $34.9 million, explained Bawa. The gap was met by non‑bond sources the finance director listed, including private contributions (about $3.1 million), a CETA grant, a $750,000 interest‑free East Bay energy loan and Measure B sewer funds for related street and sewer repairs, plus capital facilities funds for right‑of‑way and waterproofing work.
Bawa said that as of the April 30 reporting snapshot there remained a balance in some line items but that by late January the bond funds were fully expended. At the time of the presentation, the project budget stood at $34.9 million and the committee confirmed oversight of bond expenditures. Committee members and councilmembers expressed appreciation for the volunteers’ oversight work.
Why it matters: the report confirms the city’s bond oversight process concluded with bond proceeds used for the pool project and details how additional funding sources were used to increase the project scope. The committee described contingency totals and soft‑cost tracking and reported the committee’s statutory and charter duties concluded with the report submission.
Next steps: Council accepted the report and the oversight committee was discharged; no further council action on the oversight committee is required beyond standard project closeout work.
