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Calistoga Public Facilities Corporation receives annual debt report; staff says city debt is manageable
Summary
The Public Facilities Corporation reviewed its annual debt schedule; staff reported timely payments and said the city has capacity for contemplated water/wastewater financing in the coming 1–2 years.
The Calistoga Public Facilities Corporation, meeting after the City Council session on June 24, received its annual report on outstanding obligations and the corporation’s debt schedule.
Administrative Services Director Connie Cardenas summarized three outstanding obligations shown in the staff report and said payments have been made on time. In her presentation she cited three balances from the staff report: a 2016 refinancing with a balance of $964,003.76 and a 2011 certificate of participation (COP) with a balance of $2,362,000. Cardenas read a third balance from the staff materials; the transcript of the meeting contained a garbled numeric line for that third item. The staff report was filed with the meeting materials and contains the complete debt schedule.
Cardenas and council members said the city is not over‑leveraged, interest rates on existing debt are low, and the corporation will continue to analyze financing for future water and wastewater capital projects. Council members noted past refinancing efforts that lowered interest costs and said staff will continue to monitor financing options and capacity over the next one to two years.
No members of the public spoke on the item; the board adjourned the Public Facilities Corporation meeting at the end of the report.
