Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget topic
No spam. Unsubscribe anytime.
Council hears Q3 financial update and awards $4.1 million GO bond sale
Summary
Finance staff told the council the city is about 59% through budgeted revenues for the third quarter and presented a bond sale with a maintained AA+ rating; the council awarded the sale to TD Securities and scheduled closing for Oct. 28.
Finance director Ryan Grama presented the city’s third-quarter financial report on Oct. 7, saying revenues were “about at 59%” through September and noting the second-half tax receipts expected in December. Grama said building permit activity is lower than the prior year and that expenditures are tracking roughly in line with expectations; he cited prepaid fire‑service payments as a factor in expenditure timing.
A presenter on the bond sale explained the sale for the General Obligation Bonds, Series 2024. He said Standard & Poor’s (or a similar rating analyst) reviewed recent audits and budgets and the city maintained a double-A-plus stable rating. The presenter described the market results, reported TD Securities submitted the low bid and explained premium bids and coupon-rate mechanics. He said the closing date is Oct. 28 and recommended council award the sale to TD Securities.
Council members asked clarifying questions about the original aggregate amount and whether the resolution language matched the sale amount; staff confirmed the corrected aggregate amount to be $4,100,000 in the motion. Council moved to award the bond sale and, by voice vote, approved the motion.
No changes to tax rates or other budget policies were made at the meeting; staff noted the city will monitor permit revenue and investment income and will report further as receipts and year‑end adjustments are known.
