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EDA hears plan to shrink roughly $55—60 million debt load; staff outlines levy, CIP approach
Summary
At the EDA meeting, finance staff reviewed modeling that shows the city carries about $55—5 million in debt and plans to use capital levies and phased savings to reduce borrowing over two decades; staff clarified that 31.1% is the share of the city tax dollar going to debt service.
Finance staff told the Economic Development Authority that the city carries roughly $55—5 million in outstanding debt and is modeling levy and capital-improvement scenarios designed to reduce future borrowing and debt-service pressure.
"We put together modeling based on known CIP items, known operations and some assumed growth," the finance staff member said, describing projections that aim to grow targeted levies so planned capital investments require less bonding. The staffer said the modeling is done in today's dollars and therefore does not include an inflation assumption.
Why it matters: EDA members expressed concern…
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