City treasurer: debt ratios remain within targets but long‑range borrowing will raise per‑capita debt

Chris Cicero, the city treasurer, told the Finance Committee on June 17 that a revised baseline debt affordability study shows the city’s debt ratios are currently within the targets set by local code but that projected borrowings will increase debt per capita in fiscal 2025 and 2026.

The baseline report, dated June 11 and presented by Cicero with Roger Phillips, senior debt manager, describes the analysis required by city code and the metrics the city uses to manage borrowing. “This baseline version . . . reflects the city's expected debt position at the end of this fiscal year plus estimated additional debt issuances from previously authorized, debt funded projects,” Cicero said, and he warned that a later “budget update” version will add proposed borrowings from the mayor’s five‑year capital plan.

The study reflects favorable credit ratings and healthy reserve levels that keep most metrics in the report…