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Staff lays out one‑year spike in CIP debt issuance driven by fire station and R3C projects
Summary
Finance staff told the council the FY27 CIP shows an unusually large proposed issuance (roughly $45 million) driven mainly by the Fire Station No. 2 project and an R3C project; staff said about half the issuance will be abated by utilities and that the city aims to preserve debt capacity and minimize property tax impact.
Unidentified Speaker 7 presented the city's debt capacity analysis and the proposed FY27 issuance. He explained statutory limits on debt (5% of assessed value), the city policy to reserve 25% of that statutory limit, and calculations showing that proposed new debt primarily reflects two large projects: a $22 million R3C project…
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