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Council weighs timing for next bond program, staff outlines Series 2026 capital plan
Summary
Staff presented a capital and debt plan for a potential Series 2026 bond issuance, reviewed bond-program history and outlined pros and cons of May vs. November 2026 election timing; council asked for additional discussion before deciding whether to call a bond election.
City staff described the capital program framework and election timing considerations for a potential Series 2026 bond program and for subsequent bond series. The presentation summarized recent bond activity, candidate propositions and a conservative modeling approach to debt capacity.
Staff said the city’s conservative bond model assumes limited taxable‑value growth and conservative interest-rate assumptions, and presented a hypothetical target program size that would use about $200 million of an estimated $250 million capacity. “If you look at the next 8 years, we're assuming 6% total growth,” staff said, adding that the modeled first sale in a new program would occur in the FY27 timeframe if the council places a bond on the 2026 ballot.
Why it matters: bond timing affects voter turnout, competing ballot items and cost. Staff outlined two choices: a May 2026 election (which could produce more focused local attention but lower turnout) or a November 2026 election (higher turnout but a busier ballot). Staff noted that combining the bond election with a charter election could save an estimated $175,000 in election costs, but warned that council does not have to decide immediately.
Councilmembers discussed sequencing, the city’s completed 2021 program projects and remaining capital needs such as streets, sidewalks, parks and city facilities. Several members asked for a dedicated work session and more public engagement around proposition composition before committing to a calendar date. Councilmember Shamsul said she wanted an opportunity for broader discussion; other members echoed that preference for more time to evaluate projects and ballot composition.
Ending: staff said they would place the election-call item on a future agenda for additional council discussion if requested and that the capital project refresh work (streets, sidewalks, ADA, traffic) will continue to inform final proposition selection.
