Item 3B2City Manager’s Report
Certificates of Obligation
Series 2009
Presentation Purpose
Discuss debt management policy
Provide report on pending bond sale
Financial position
Project package
Seek feedback on project package prior to City Council’s mid year review of budget
Debt Management Policy
No operations
Large capital projects
Useful life
Self-supporting debt
Bond rating agency communication
Level payments, limited schedule
General Fund Financials
Debt service fund well positioned
Strategic Initiative Fund providing cash funding for a portion of package
Debt trends
Planned Project Funding
Property Tax Supported Long-Term Debt as a % of Assessed Valuation
Why Move Forward?
Favorable project cost
Good for local economy
Phased projects must continue
Financial ability to support projects
General Fund Project Package
General Fund Project Package
General Fund Project Package
Project Options
Option #1-remove Tier III projects
Reduce bond sale by $1,230,000
Option #2-remove Tier III projects
Replace with S. Peytonville Sidewalk (design and ROW) $500,000 or
Replace with N. Peytonville Sidewalk (design and ROW) $400,000
Other Funds
Utility Fund
Southlake Park Development Corp.
Bicentennial Park Project
Project Phasing
Reserve (cash) funding
Crime Control & Prevention District
DPS Headquarters
Project Phasing
Reserve (cash) funding
Bond Sale
Final ratings this week (S&P; Fitch)
Going to market on April 16
Mid-Year Budget Review – April 21
Questions?