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Council hears options for funding beach renourishment; staff flags 60/40–70/30 cash/debt splits
Summary
Staff outlined funding options for a multi-million-dollar beach renourishment project, saying bids came in under the $47.5M estimate and proposing a mix of cash and debt (scenarios such as 70% cash/30% debt or 60/40). A short-term bond issuance to draw $14.8M from the debt-service balance was discussed.
Town staff told council they have bids in for a beach renourishment project and are evaluating funding strategies that balance cash and debt. "We are still looking through scenario 1, cash funded 70, debt funded 30," the presenter said while outlining alternatives and staff recommended a short-term bond issuance to access a $14.8 million debt-service fund balance if needed.
Staff said callable bonds and prior debt reductions leave the town in stronger fiscal position than in past years; presenters noted callable beach preservation bonds will be used to reduce outstanding principal and interest where possible. Council members asked about the timing of a negotiated contract and whether a borrowed approach or further cash funding would best preserve reserves. Staff committed to return with a finalized funding plan and ordinance language before bidding and bond issuance.
