Council delays decision on $115 million bond package after months of fiscal concern

The Riviera Beach City Council postponed action on a proposed $115 million general-obligation bond package on Tuesday after a contentious discussion about affordability and timing.

Randy Sherman, the city’s chief financial officer, told the council the supplemental resolution would authorize bonds to fund voter-approved projects: a new police station, fire station 86 on Singer Island and parks and recreation improvements. “This is the supplemental resolution to the first resolution,” Sherman said, explaining the mechanics of the bond sale and that the council would later accept bids from the lowest qualified purchaser.

Councilmembers pressed staff for fiscal detail. Several members warned that recently enacted state-level property-tax changes and continuing increases in utility costs could reduce municipal revenues and make new assessments harder for residents to shoulder. “When these bills start hitting their mailboxes…it’s going to be a problem for us,” one councilmember said, urging caution.

Councilmember Kesha Miller-Anderson said the projects have broad voter support and that delaying them risks failing the will of voters who approved the referenda. Other members proposed trimming the parks and recreation portion while moving forward with the police and fire projects, which proponents said are urgent because facilities are in poor condition.

Council ultimately voted to postpone consideration and asked staff to prepare a detailed package outlining (1) total outstanding city debt and the annual cost to taxpayers, (2) alternative financing scenarios that remove or reduce the parks/recreation allocation, (3) the fiscal impact if the homestead exemption measure on the November ballot passes, and (4) the timing implications for any associated land-development deals. The council set the follow-up for July 15.

Bond counsel told the council there is no legal obligation to issue the bonds immediately; the council may choose to delay or to issue a smaller amount. But several councilmembers noted voters approved the referendums by large margins and cautioned that a decision to cancel or substantially reduce bond plans would effectively reverse that voter choice and should be handled transparently.

Council requested a consolidated schedule of all city debt service obligations, the annual cost of the proposed bonds expressed as dollars per $1,000 of assessed value, and alternative scenarios for a reduced parks/recreation allocation. Councilmembers also asked staff to list the consequences for related land deals and the deadlines that affect closings and developer obligations.

The council did not take a final vote on the bond resolution; staff will return with the requested financial analysis before the July 15 meeting.