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District staff outline Measure ABC spending, developer‑fee strategy and likely second bond issuance in 2027
Summary
District staff reported remaining cash from the first series of Measure ABC, reviewed year‑to‑date expenditures and developer fees, and said a second bond issuance will likely be needed in 2027 depending on credit capacity and spending; members asked for analyses and consultant briefings.
District staff provided a program-level update on Measure ABC, project priorities and expenditures, and described next steps for funding and oversight.
The presenter said the district has approximately $46 million in remaining cash balance in Measure ABC and summarized notice‑of‑completion approvals this year totaling about $19 million. Staff cautioned that some projects (for example, HVAC) are likely to require funds that will fall into a second issuance and that the size and timing of any second series will depend on the district’s credit capacity and the pace of expenditures.
Staff discussed developer fees (about $12 million available) and noted new flexibility in how those fees may be used if tied to modernization and safety projects. The presenter said the district is running change‑order and contingency analyses and has seen some savings in change orders year‑to‑date; staff also noted the need for program management and possible additions to in‑house capacity to manage the bond program.
Committee members asked for presentations from financial advisors and consultants to outline best‑ and worst‑case scenarios for a second issuance, requested slide numbering for easier reference, and asked that the committee be given timely interim reports when available. Staff agreed to invite fiscal advisors and to return with more detailed funding timing and consultant findings.
No financing action was taken at the meeting; staff said the second issuance timing is likely 2027 but is contingent on credit and project timing.
