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Goldsboro council hears debt, reserves and capital plan briefing ahead of January retreat
Summary
Financial advisers told the Goldsboro City Council the city has rebuilt reserves, has AA-level bond rating standing and capacity to issue limited new debt — but funding the city's $14.4 million priority ("Level A") general-fund capital list will require new annual revenue or reallocation of budgeted dollars.
Goldsboro's City Council received a long-range financial briefing Dec. 16 that framed choices for a planned capital improvement program and flagged a likely budget shortfall if the council funds the top-priority projects without new revenue.
The presentation by Ted Cole of Davenport & Company reviewed the city's credit profile, fund balance progress and modeling of two funding scenarios for the general-fund portion of the capital improvement plan (CIP) that the council will work from at a January retreat.
Cole and city staff said Goldsboro's Standard & Poor's rating is AA and that the city's unassigned fund balance has recovered to about 40% of budget — placing it near the median for AA-rated North Carolina peers. Cole said the city's current tax-supported debt outstanding is roughly $21.8 million and that scheduled principal paydowns create capacity to consider new borrowing.
The staff's first scenario isolates a short-term rolling-stock borrowing to cover recent vehicle and equipment…
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