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San Marcos staff outline $67.6 million anticipated debt sale to fund FY2025 CIP projects
Summary
City staff briefed the San Marcos City Council on updates to the FY2025 Capital Improvements Program, outlining a proposed debt issuance of $67,605,000, the funding breakdown by utility, and project prioritization and timing that will inform an anticipated spring bond/certificate sale.
Sean Condor, director of engineering and capital improvements for San Marcos City, told the council that the presentation was intended to “brief you on updates to the fiscal year 2025 capital improvements program” and to prepare council for an upcoming debt issuance.
The presentation said the council had approved roughly $85 million in new FY2025 CIP projects and about $40 million from prior-year projects that remained unfunded, for a combined total of about $125 million in projects still awaiting funding. Of that amount, staff proposed deferring approximately $34 million, funding about $20 million with cash or reserves, applying about $700,000 in impact fees, cancelling roughly $2.6 million, and issuing approximately $67,605,000 in debt to cover the remainder. Condor gave a fund-by-fund breakdown, saying the planned issuance would be allocated roughly as follows: General Fund projects about $15…
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