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Staff briefs committee on bond spending rates and a transparency site for capital projects
Summary
Staff reported progress on capital‑project spending, said about 79% of a target was reached and estimated $70 million more is needed to hit an 85% spend target; staff said the financial side will be tied to a website for transparency and that council previously approved the item.
Staff presented an informational update on the MCO 7 87 capital project coordination item and described plans to link bond‑fund financial data to a public transparency website.
An unnamed staff member summarized progress: “We're at, 79% of 2020 new sales, so we're well underway. You'll probably get there in February,” and added an estimate that about $70,000,000 is needed to reach an 85% spend target. The presenter said that for 2023 the program still needed about $88,000,000 in expenditures before the May deadline to meet the three‑year 85% requirement.
Staff told the committee the item is informational at this meeting because the council had already approved it; the presentation was included here after a previously canceled December meeting. The proposed website change would tie the financial side of the bond funds into a public site so residents could see spending and remaining needs.
The presentation did not propose new funding or policy changes at this meeting; it was informational and for coordination. Staff noted estimated timelines for spending and that 2025 projects are only beginning. Committee members did not request additional votes during the session.
