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Council hears $175.5M FY2025 CIP snapshot, $30M line of credit and $63.9M in SRF principal forgiveness
Summary
Finance staff presented a five‑year capital improvement program snapshot showing $175.5 million for FY2025, existing lines of credit and borrowing plans, and reported $63.9 million in SRF principal forgiveness awards for three utility projects; council discussed debt capacity and timing for projects including the police headquarters and water‑plant expansion.
Finance staff summarized the city's five‑year capital improvement program and related debt plan, calling the FY2025 additions the largest in two decades. The FY2025 CIP additions were described as totaling $175,500,000 and, combined with an estimated FY2024 carryover of more than $200,000,000, creating a substantial near‑term capital portfolio. Staff also said the city has a $30,000,000 line of credit taken in September 2022 (three‑year term) with approximately $17.4M available at the time of the presentation.
On water and wastewater projects, staff said the city secured $63,900,000 in State Revolving Fund (SRF) principal‑forgiveness awards across three projects: a wellfield expansion ($34,800,000), a recent award for a water‑plant expansion ($9,300,000) and a 100% reclaimed‑water production project ($19,800,000). Staff noted some projects are on waitlists for additional SRF allocations and that utility debt is repaid from utility revenues. Finance presented debt‑service coverage targets required by bond documents and estimated the police headquarters and related projects could raise annual debt service obligations (illustrative annual debt service figures were presented). Council asked for more detail on principal vs. interest composition of debt service and the ratio of debt to city revenues; staff offered to provide follow‑up figures.
