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Finance staff seek to rescind $118.9 million in long‑standing unissued authorized debt
Summary
City finance staff told the finance committee they want to rescind $118,876,793 in authorized but unissued debt dating back to 1990 to ‘‘clean up the books’’ and to improve debt capacity; the committee referred the order to the full City Council.
City finance officials told the Committee on Finance on Wednesday they will ask the full City Council to rescind $118,876,793 in previously authorized but unissued debt, a balance that includes authorizations dating back to 1990.
The finance director explained the rescission is intended to “get the books cleaned up and taken off of there” while staff confirm that the underlying projects are complete or otherwise fully funded. Committee members asked how the city will avoid repeating the problem; staff said they will periodically contact departments about project expenses and review authorized unissued balances as debt…
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