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Finance director: authorized but unissued bond programs and off‑cycle packages raise future debt service pressures
Summary
Financial Services Director Kima Lavaras updated the committee on Austin’s bond programs, noting large amounts of authorized but unissued general‑obligation debt and off‑cycle bond packages that have extended spending timelines and will raise future debt service for a typical homeowner.
Kima Lavaras, director of Financial Services, briefed the Audit and Finance Committee on March 26 on the city’s bond programs, issuance process and policy considerations.
Key points: Lavaras said the city’s GEO (general obligation) debt includes voter‑approved bonds and non‑voter instruments such as certificates of obligation. City departments plan capital expenditure across multiple funding sources; Austin Energy, Austin Water and Aviation also use commercial paper and revenue bonds for shorter‑term financing. Lavaras noted that historically the city aimed for a six‑year spending plan for bond packages, but recent off‑cycle and supplemental bond packages (2016, 2018, 2020, 2022 and others) have lengthened spending horizons for some programs.
Authorized…
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