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Finance committee approves resolution allowing reimbursement of bond‑funded project expenses
Summary
The Evanston Finance & Budget Committee approved Resolution 11‑R‑26, authorizing the city to list capital projects for eventual financing by general obligation bonds and to reimburse previously incurred project expenses from bond proceeds; the measure passed 7–0 and will go to city council.
The Evanston Finance & Budget Committee voted unanimously to approve Resolution 11‑R‑26, a technical action authorizing the city to identify capital projects for future general obligation bond financing and to reimburse earlier expenditures from those bond proceeds.
City Engineer Laura Biggs explained that the city commonly begins work on capital projects and later issues bonds when market rates are favorable, and that the resolution lists projects the city intends to finance so staff can reimburse the capital projects fund when proceeds are issued. Finance staff cautioned that timing matters: waiting for lower interest rates may help reduce long‑term cost but the capital projects fund has sustained deficits that limit how long the city can rely on cash on hand before borrowing.
CFO Hitesh Desai told the committee the capital improvement plan (CIP) fund has run negative in cash and fund balance in recent periods and said staff were weighing whether to issue a smaller bond now to stabilize cash or wait for improved rates; he noted the year‑end financing picture will become clearer when more property tax receipts are posted. “If the finance and budget committee recommends in March, we can bring an ordinance to council and begin the two‑reading process,” Desai said.
The committee approved the resolution by roll call, with seven members voting in favor and none opposed. The item will be forwarded to the full city council for final action.
