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Baker Tilly outlines GO bond scenarios; councilor proposes LIT changes
Summary
Baker Tilly presented illustrative general obligation bond scenarios including a $2.7 million principal example; Councilor Danny Short said he will draft a proposal and suggested altering LIT distributions, prompting questions about impacts on schools.
Jason Semler of Baker Tilly presented illustrative General Obligation bond scenarios, including an example $2,700,000 principal amount and comparisons of amortization and annual debt service. The presentation included illustrative amortization schedules and referenced an outstanding $535,000 principal amount from a 2022 issue.
Councilor Danny Short said he will draft a proposal for a GO bond and suggested keeping the Public Safety LIT in place while eliminating the .25 property tax relief LIT, which he said "would cut the Public Safety LIT in half for the next two years." Denise Konkle requested analysis of the impact on schools if the property tax relief LIT is eliminated. The meeting adjourned after the presentation; no bond authorization vote was taken on July 18.
