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San José council accepts annual debt report showing $3.41 billion outstanding (excludes conduit debt)
Summary
Finance staff reported the city’s debt portfolio and recent issuances, noting approximately $3.41 billion in outstanding city debt (excluding conduit obligations); council accepted the annual debt report unanimously.
City finance officials presented the annual debt report for the fiscal year ended June 30, 2025, and the City Council unanimously accepted the report on Dec. 9.
Deputy Finance Director Chenio Shan and Finance Director María Auberg described the city’s outstanding direct debt at roughly $3.41 billion, excluding conduit debt the city issues on behalf of third parties. Staff summarized debt program structures, variable‑rate exposure, available lines of credit and recent issuance activity during the year, and noted capacity in certain revolving credit programs.
Council acceptance of the report was unanimous and will be recorded as part of the city’s regular fiscal reporting. Staff said the report will remain available for council and public review and that future financing plans will be guided by operating needs rather than preserving a particular rating level.
