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City finance staff highlights $580 million debt portfolio, says debt used for capital not operations
Summary
Deputy Finance Director Charlie Perdue told the Port St. Lucie council on March 16 that the city's outstanding debt stood near $580 million, debt-per-capita has fallen sharply in 15 years, and proactive refundings have saved the city about $100 million to date.
Charlie Perdue, the city's deputy finance director, told the Port St. Lucie City Council at its March 16 workshop that the city's outstanding debt portfolio totaled about $580,000,000 and that most of that debt funds enterprise and capital projects rather than general operations. "We cannot issue debt for operating. It does not pay for salaries," Perdue said as he explained why the city uses bonds for roads, stormwater, parks and public buildings.
Perdue said Port St. Lucie has reduced its debt per resident sharply over the last 15 years, falling from roughly $6,200 per resident to about $2,200, and described the decline…
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