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Committee approves preliminary 2026 borrowing list to send to bond advisors
Summary
Finance staff briefed the committee on updated borrowing needs for 2026, trimming estimated borrowing from the $40 million budgeted figure to roughly $21'$22 million; the committee approved forwarding the preliminary list to Baird for bond structuring and Moody's credit calls.
The Finance & Personnel Committee approved a preliminary 2026 borrowing list and directed staff to forward the updated project amounts to municipal advisors at Baird for bond structuring and credit-rating coordination.
Finance staff said departments updated their spending since the budget was adopted; in many cases requests were lower than originally budgeted. The staff estimate reduced the previously budgeted roughly $40 million down toward $21'$22 million in anticipated borrowing. Staff explained the next step will be to work with Baird to identify taxable and tax-exempt components, produce bond schedules and coordinate Moody's calls for the city's credit review.
Committee members asked about timing for credit ratings and whether the volume of recent borrowing could affect the city's rating; staff said Moody's calls and the annual rating are part of the process and that although higher debt could be a negative factor, they did not expect a downgrade based on current information. The motion to approve the preliminary borrowing list passed.
