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OFS recommends $1.5 million debt-levy increase in 2026 to stabilize Saint Paul's debt service fund
Summary
The Office of Financial Services presented a 15-year debt model showing rising debt service through 2030 and recommended a $1.5 million increase to the property-tax debt levy in 2026; OFS also outlined recent and planned bond issuances and said falling interest rates present refunding opportunities.
Neil Youngins, debt investment manager in the Office of Financial Services, told the Budget & Finance Committee that Saint Paul currently carries principal outstanding across general obligation and revenue bonds and that modeled debt service will rise into the early 2030s under current annual-program assumptions.
Youngins reported principal outstanding (as of last August) of roughly $250.4 million in general obligation bonds and about $380.7 million in revenue bonds, noting the increase on the revenue side is driven in part by financing for the Lake McCarran water treatment plant and the lead service-line replacement program. He emphasized that the figures discussed were principal outstanding and did not include…
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