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Stonecrest officials say audits block immediate resurfacing bonds; staff to revisit for FY27
Summary
Officials told the TIPS Committee that outstanding financial audits prevent the city from issuing municipal bonds now; staff recommended budgeting for a fresh pavement assessment in FY27 and revisiting bonding once audits are cleared.
The Stonecrest TIPS Committee discussed whether municipal bonds could finance a larger, faster resurfacing program, but staff told the committee the city cannot issue bonds at present because of outstanding financial audits.
Deputy City Manager McCoy said the city lacks the audit clearance necessary to pursue bonding. "As it relates to bonding at this particular time, there's not an option because of the audits," McCoy told the committee.
Committee members said bonding could let the city complete a broader resurfacing effort in one season instead of incrementally, but staff warned significant preparatory work is required — legal counsel, a bond manager and up-to-date pavement data. Members recalled prior bonding work around 2019 that stalled when roles and management were not finalized.
Assessment timing and cost: engineering staff explained pavement condition assessments are conducted on a multi-year cycle (about every five years) and recommended the city schedule a new assessment after 2026 payments so the PCI data reflect current conditions. Staff cited prior assessment costs in the meeting in a range discussed by participants (figures mentioned during the hearing included roughly $60,000 up to higher figures depending on scope); officials asked staff to return with firm estimates.
Next steps: the committee asked the city manager and engineering to include funds for an updated pavement assessment in the FY27 budget and to return with clearer cost estimates and recommended next steps on bonding once audits are complete.
