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Finance director outlines SRF loans, COPs and rate options to fund utility overhaul
Summary
Finance Director Rick Welch told aldermen the city will evaluate a mix of State Revolving Fund loans, interim Certificates of Participation and utility-rate revenues to cover systemwide upgrades after staff projected more than $100 million in needs.
Finance Director Rick Welch presented the range of funding tools staff plans to evaluate to meet the projected utility work. He told the Board that recent rate studies point to a combination of debt financing, rate revenues, reserves and other sources; staff was instructed to pursue State Revolving Fund (SRF) financing and to evaluate Certificates of Participation (COPs) as interim options while preparing for a potential future ballot.
Welch emphasized that rising construction, material, labor and borrowing costs increase the urgency of securing financing and that staff will analyze tradeoffs between borrowing now and phasing projects. The Board requested additional detail for upcoming budget discussions and directed staff to return with financing scenarios and draft ballot language so residents can weigh the options in public engagement sessions.
