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Saginaw finance director warns limited bond capacity until mid-2030s, outlines options
Summary
Finance Director Kim Quinn told the Saginaw City Council the city has issued roughly $49.65 million of $67.45 million authorized in the 2021 bond election, leaving about $17.8 million earmarked for streets; she said additional bonding without raising the tax rate likely won’t be possible until a projected decrease in debt service around 2034 and presented modeled alternatives for issuing new debt.
Kim Quinn, the city’s finance director, told the Saginaw City Council on Oct. 15 that the question of how much additional bond debt the city can safely issue has no simple, single-dollar answer and depends on priorities across operating and capital needs. “There’s no easy answer,” Quinn said as she reviewed the history of the 2021 bond election and current debt-service projections.
Quinn summarized the 2021 election results and subsequent issuances: the election authorized $67,450,000 and the city has issued about $49,650,000 to date,…
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