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Goodyear council reviews plan to use $37M of one‑time funds to pay callable bonds and free $5–6M annually
Summary
Finance Director Jared presented a plan to reserve or use roughly $37 million in one‑time funds to call callable bonds and free approximately $5–6 million in ongoing debt service for the FY2026 budget; council members asked staff to complete detailed analysis and consider CIP tradeoffs.
Finance Director Jared presented a refunding strategy to the Goodyear City Council on Dec. 9 that would dedicate one‑time funds to retiring callable debt to free ongoing revenue for the FY2026 budget.
Jared said the city has about $57 million in total annual debt service and roughly $10 million supported by the general fund. “We are here tonight to discuss a strategy of dedicating 1 time funds to paying off some debt and thereby freeing up some ongoing sources for other purposes in the '26 budget,” Jared said. He identified four debt issuances that include callable amounts that total about $37,000,000.
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