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City manager previews $6.8 million certificates of obligation, adds $2 million for library parking
Summary
The city manager told council staff found $2 million in reconciled funds that could be used on current projects and proposed a $6.8 million certificates-of-obligation issuance that includes a new Facilities line for library and West Midtown parking. The proposal was presented for consideration, not voted on at the briefing.
City Manager told the council at the April 14 briefing that the finance department had reconciled funds and identified an additional $2 million available for current pipeline projects. She presented a proposal the council will consider to issue $6.8 million in certificates of obligation, with a newly added Facilities line item intended to address additional parking near the library and West Midtown park.
"The finance department has done an audit and a reconciliation of funds on hand for projects that we've already issued debt for. And, come to find out we found an additional 2,000,000 that can be used on some current projects that we have in the pipeline," the city manager said. She explained the additional parking needs at the library were among the reasons to add the Facilities line item to the proposed CO issuance.
Council discussion at the briefing was limited to questions and acknowledgement; no formal council action was taken at the briefing on the certificates of obligation. The matter was presented for future consideration on the regular agenda cycle and finance staff will bring details as the item moves forward.
