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Goldsboro hears $14.4M priority capital plan, consultant flags $780K annual shortfall if city borrows $5.8M for vehicles
Summary
Goldsboro City Council received a consultant briefing Dec. 16 showing a $14.4 million set of high‑priority general‑fund capital projects and a modeled $5.8 million short‑term equipment borrowing that would create roughly $780,000 in new annual debt service needs beginning in fiscal 2026 unless the council identifies offsetting revenues.
Goldsboro — The City Council on Dec. 16 received a detailed briefing on the city’s capital improvement plan, debt profile and funding options from Ted Cole of Davenport & Company. Cole said the city is in a stronger financial position than in recent years, carries a Standard & Poor’s AA rating and has built unassigned fund balance to roughly 40% of the general-fund budget in the firm’s peer comparison.
Cole told council members the presentation covered only the tax-supported (general fund) portion of the capital plan; utilities were excluded from the models shown. He said staff and consultants modeled two immediate scenarios: a short-term “rolling stock” financing for vehicles and equipment of about $5.8 million and a funding-level A package of general-fund projects totaling roughly $14.4 million.
The consultant said the city currently has about $21.8 million in outstanding non‑utility debt and that scheduled principal…
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