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Consultant: Goldsboro’s reserves are strong but CIP will require short-term reserves and modeled debt
Summary
Davenport presented a CIP and fiscal briefing on Jan. 5, telling Goldsboro council the city has AA ratings and strong reserves but FY26 projects will need reserve use while longer-term funding-level A projects may require modeled debt of roughly $22 million and about $7 million in supplemental funding over a decade.
Davenport consultant Ted Cole briefed the Goldsboro City Council on Jan. 5 about the city’s capital improvement plan (CIP), fund balances and debt capacity.
Cole said Goldsboro holds AA credit ratings from Moody’s and Standard & Poor’s and has rebuilt its unassigned fund balance to levels well above the city's policy minimums. He said FY26 includes roughly $8.5 million in capital projects funded by cash, grants and insurance proceeds with no new debt assumed for the year, but that…
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