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Committee Approves Using Prop 1B Funds for Street Resurfacing
Summary
The committee recommended appropriating about $13.2 million in Proposition 1B funds to the Department of Public Works for resurfacing and reconstruction projects, which staff said would reduce borrowing costs and save an estimated $2.9 million over 25 years.
The Budget & Finance Committee voted to send forward an ordinance to appropriate approximately $13.2 million in Proposition 1B local streets-and-roads funds for street resurfacing and reconstruction projects in the current fiscal year.
Simone Jacques, transportation finance analyst for the Department of Public Works, told the committee the funds derive from an unexpected state allocation to Prop 1B that allowed the city to claim roughly $12.3 million; DPW proposed using $13.2 million for projects that had been scheduled for financing with certificates of participation. "So with that, I'm available to answer questions," Jacques said, noting the change delays a COP sale and reduces total borrowing and interest costs.
Budget staff recommended approval, estimating the city would save about $2.9 million in debt‑service costs over 25 years by using Prop 1B funds and deferring COP issuance. The committee approved the ordinance and sent it forward with a favorable recommendation.
Next steps: the ordinance will be placed on the full board agenda for final action and DPW will implement the resurfacing schedule once funds are available.
