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City presents $1.5 billion bond/CIP update; $935M invested so far and multi-year rollout planned
Summary
City staff gave FOAC a comprehensive quarterly update on a $1.5 billion voter-approved capital program and certificates of obligation, reporting roughly $935 million invested to date, planned issuances for public-safety and community-progress projects and a quarterly reporting cadence to FOAC starting in August.
City staff presented a quarterly Financial Oversight and Audit Committee briefing on the city's $1.5 billion capital investment program, reviewing year‑to‑date spending, encumbrances, deprogrammed projects and planned future issuances.
Yvette Hernandez of the City Manager’s Office said the portfolio combines voter-approved bonds and certificates of obligation. She summarized that of the $1.5 billion program the city has invested about $935,000,000 to date and described proposed near-term issuances: roughly $90,000,000 over the next two years for public safety (including a police academy and regional command centers) and additional issuances tied to community progress projects.
Hernandez walked council through spending phases, noting design work typically accounts for 6–12% of project costs and that ribbon cuttings can lag PeopleSoft updates; she said the August FOAC report will reflect updated PeopleSoft expenditures through June. She also detailed community-progress elements (residential streets, connectivity corridors such as Montwood and Ressler, and intersection-safety projects), the Neighborhood Improvement Program rollout and parks projects including shade structures and ADA routes to parks.
Council members asked about BOAC oversight and whether the same level of detail would be shared with that advisory committee; staff said BOAC will receive a high-level report while FOAC will continue quarterly, more detailed reviews. Representatives raised discrepancies between previously presented NIP budgets and the current project estimates; staff committed to follow up with district-specific reconciliations and to identify any cost savings for council consideration.
There was no action on this agenda item; staff will return with quarterly updates and follow-up details on NIP allocations as requested.
