The City Council Finance Committee reviewed the city's debt levels and capital spending plans. The overall net direct debt is estimated to be $6.3 million or 1.7% of the assessed property value, below the 10% limit. The total general fund debt service and capital spending is estimated to be 8.2% of operating revenues, below the 10% ceiling. Spending on levy-supported debt and capital projects is projected to be 2.6% of revenues, under the 5% limit. The committee also reviewed the capital budget and debt exclusion overrides planned for various city improvement projects, including ongoing debt for a new police station approved by voters in 2010.
2. Overall
net
direct
debt
will
not
exceed
10%
of
assessed
valua=on.
FY13
ESTIMATED
Assessed
Valua=on:
$
3,339,427,199
x
10%
=
$333,942,720
Overall
FY13
ESTIMATED
net
direct
debt:
$6,339,045
or
1.7%
Total
General
Fund
general
obligaGon
debt
service
and
capital
spending
(including
debt
exclusion
and
capital
exclusion
overrides)
will
not
exceed
10%
of
General
Fund
opera=ng
revenues.
Total
ESTIMATED
General
Fund
$77,479,577
-‐
Interfund
Transfers,
Reserves
and
State
Off-‐set
Receipts
=
$68,746,211.
Debt
to
Opera=ng
Ra=o
8.2%
General
Fund
levy-‐supported
general
obligaGon
debt
service
and
capital
spending
(exclusive
of
dedicated
revenue
sources
such
as
debt
exclusion
and
capital
exclusion
overrides,
state
reimbursements,
parking
system
receipts,
etc.)
will
not
exceed
5%
of
net
General
Fund
operaGng
revenues.
Levy-‐Supported
Debt
Service
and
Capital
Spending
(within
Levy
Limit)
as
a
%
of
net
General
Fund
opera=ng
revenues:
2.6%
3. $3,000,900
$32,595,709
$8,896,500
$3,910,000
$20,335,500
$2,443,600
$-‐
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
Culture
and
Recrea=on
Educa=on
General
Government
Human
Services
Public
Safety
Public
Works
4. $3,910,000
$1,358,000
$500,000
$6,500,000
$22,516,209
$29,428,000
CDBG
Comcast
I-‐net
CPA
Energy
Savings
General
Fund
Override
5. $377,000
$33,054,609
$7,128,000
$2,121,500
$1,772,000
$23,408,600
$1,802,000
$1,518,500
Acquisi=on
Building
Renova=on
Energy
Equipment
Infrastructure
Improvements
New
Building
Repair/Renova=on
Vehicle
6. • Planning
began
in
1994
under
during
the
Ford
administra=on
• Joint
Police/Fire
facility
studied
in
1995
as
a
part
of
the
planning
for
the
new
Fire
Sta=on
• ruled
out
because
of
the
cost
of
land
in
the
downtown
area
• City
Council
funded
Police
Facility
Needs
Assessment
in
2003
• Capital
Improvements
Commi/ee
recommends
funding
for
construc=on
in
FY
2006
• City
Council
Funded
Design/Build
process
in
2007
• Cost
of
the
new
sta=on
is
es=mated
at
$17
million
in
2008
• Economic
downturn
impacts
the
City’s
ability
to
fund
the
sta=on’s
construc=on
under
the
City’s
current
Debt
Ceiling
• City
unsuccessfully
looks
for
outside
funding
(e.g.
Federal
s=mulus
grants)
• Council
votes
to
put
the
override
ques=on
to
the
voters
in
2010