[00:00:01]
YEAH, IT IS.YOU GET TALKED ABOUT AND DON'T EVEN KNOW IT.
[CALL TO ORDER]
SO I WILL, UH, CALL TO ORDER THE AUSTIN AUDIT AND FINANCE COMMITTEE OF THE AUSTIN CITY COUNCIL FOR THIS SPECIAL CALLED MEETING.WE ARE MEETING IN CITY COUNCIL CHAMBERS, WHICH ARE LOCATED IN CITY HALL, WHICH IS AT 3 0 1 WEST SECOND STREET.
WE HAVE ALL OF THE AUDIT AND FINANCE COMMITTEE PRESENT THE, UH, MAYOR PRO.
UH, WITH THAT BEING SAID, I WILL TURN AND ASK IF WE HAVE ANYONE SIGNED UP TO SPEAK AND CALL THEIR NAME.
THEN WE HAVE NO ONE SIGNED TO SPEAK MEMBERS.
[1. Approve the minutes of the Audit and Finance Committee meeting of January 14, 2026.]
TAKE US TO THE FIRST ITEM ON THE AGENDA WAS THE APPROVAL OF THE MINUTES.I HAVE AN ADDITION THAT I WANNA MAKE TO THE MINUTES, AND I MUST ADMIT I DIDN'T THINK ABOUT IT UNTIL I SAW 'EM HERE SITTING ON THE DI.
SO WITH, UH, IF THERE'S NO OBJECTION, I'LL BRING THOSE TO THE NEXT MEETING OF THE AUDIT AND FINANCE COMMITTEE, SO WE CAN ADD THAT.
'CAUSE I NEED TO WRITE SOMETHING, UH, AS A PROPOSAL, UM, IF THAT'S OKAY WITH EVERYBODY.
WHAT, AND, AND LET ME JUST TELL YOU WHAT IT IS.
WE VOTED ON AN ITEM, AND I WANNA MAKE SURE THAT THE MINUTES PROPERLY REFLECT THAT THERE WAS A VOTE ON THAT ITEM, AND, UH, IT JUST INDICATES THAT THERE WAS A DISCUSSION.
SO I WANT, I WANT, I WANT TO ADD TO THAT.
UH, WITH THAT BEING SAID, THAT'LL
[2. Discussion and possible action regarding a framework for developing a general obligation bond program.]
TAKE US TO ITEM NUMBER TWO, WHICH IS DISCUSSION AND POSSIBLE ACTION REGARDING A FRAMEWORK FOR DEVELOPING A GENERAL OBLIGATION BOND PROGRAM.THAT IS THE DISCUSSION ABOUT THE DECISION TREE MEMBERS.
UM, UH, THE OTHER DAY I POSTED ON THE MESSAGE BOARD IN RESPONSE TO, UH, THINGS THAT I JUST HEAR ABOUT IN TERMS OF QUESTIONS AND THOUGHTS.
UH, I POSTED TWO THINGS, UH, ON THE, THE MESSAGE BOARD.
ONE WAS AN UPDATED VERSION OF THE, UH, PROPOSED MESSAGE, I'M SORRY, PROPOSED DECISION TREE.
AND IN THAT, UH, WORKING WITH THE FINANCIAL STAFF, WE ADDED A COUPLE OF THINGS TO IT.
ONE IS WE ADDED, UH, WHAT WAS ALREADY EXISTING POLICY OF THE CITY.
WE ALSO, UH, ADDED THE EXISTING STAFF PROCEDURE.
AND THEN WHERE WE MADE CHANGES, UH, BASED UPON COMMENTS THAT HAD BEEN MADE BY THE AUDIT AND FINANCE COMMITTEE AND, AND, UH, OTHER COMMENTS THAT, THAT WERE OUT THERE.
WE, UM, WE MADE SOME ADDITIONAL CHANGES TO THIS.
MY GUESS IS THAT TODAY WE WILL, UH, WE WILL TALK ABOUT SOME, SOME EVEN POTENTIALLY SOME MORE CHANGES.
BUT THAT'S THE WHOLE PURPOSE OF THIS, THIS, THE MEETINGS.
THE OTHER THING I DID IS I POSTED, UH, SOME GENERAL Q AND A RELATED TO, UH, THE POTENTIAL DECISION TREE.
SO I, I JUST MENTIONED THOSE THINGS AS PART OF THE, THE PART WE'RE GOING THROUGH WITH THAT, I'LL OPEN IT UP FOR DISCUSSION AND LET, BUT LET ME ASK FIRST IF, UM, MR. VINO, DO YOU HAVE ANYTHING YOU WANT TO ADD TO WHAT I JUST SAID OR ANYTHING YOU WANNA SAY? I DON'T, MAYOR, BUT OF COURSE HERE, I'M HERE FOR, UH, ANY QUESTIONS THAT MIGHT COME UP DURING YOUR DISCUSSION.
WELL THEN LET ME, UH, MEMBERS, IS THERE ANYBODY WHO WANTS TO START OFF THIS DISCUSSION? YEAH.
I REALLY APPRECIATE, UM, THE WORK THAT Y'ALL BOTH DONE ON THIS.
I KNOW THIS HAS BEEN A, A TEAM EFFORT.
AND BEING ABLE TO, YOU KNOW, MORE CONCRETELY PUT DOWN A LOT OF THE QUESTIONS, I THINK A LOT OF US ARE ASKING AND TRYING TO FIGURE OUT, UH, WHERE WE GO WITH THIS, WHEN'S THE RIGHT TIME, THE SCOPE AND ALL THAT.
UM, THE BIG QUESTION I HAVE FOR YOU, AND, AND WE'VE HAD A LITTLE OF THIS DISCUSSION AT PREVIOUS MEETINGS, IT'S THE, THE CURRENT FINANCIAL POLICY THAT WE HAVE ABOUT NOT GOING FOR A BOND ELECTION UNLESS THERE ARE TWO YEARS OR FEWER OF BONDS REMAINING TO BE ISSUED.
AND I THINK AT THE, THE OUTSET, I, I, I THINK I MENTIONED AT THE LAST MEETING, I THINK THIS IS A FINANCIAL POLICY THAT NEEDS SOME ADJUSTING.
IT'S JUST ON ITS FACE, NOT CLEAR.
GIVEN THAT I, I, AT THE LAST MEETING, YOU, I WAS EITHER YOU OR SOMEONE MENTIONED THAT THE WAY WE INTERPRET THAT IS 90% OF THE BONDS, WHICH IS NOT ACTUALLY WHAT THE FINANCIAL POLICY SAYS, RIGHT? SO IT'S LIKE OUR POLICY IS 90%, THEN IT NEEDS, THE POLICY SHOULD SAY 90%.
UM, BUT ALSO I JUST, I CONTINUE TO HAVE A CONCERN AROUND A PARTICULAR DEPARTMENT THAT MAY BE WAY BEHIND AND THEY MIGHT HAVE FOUR YEARS WORTH OF SPEND PLAN LEFT AND THEM HOLDING UP EVERYBODY ELSE.
I THINK THAT'S JUST A, A QUESTION WE NEED TO GRAPPLE WITH AND FIGURE OUT HOW WE ROLL THAT INTO THE POLICY AND, AND MINDS MAY DIFFER.
I I I THINK WE JUST NEED TO HAVE A CONVERSATION AROUND THAT.
[00:05:01]
IF IT'S ALL, IF IT'S APPROPRIATE.MY, MY MY, UH, KIND OF INSTINCTIVE REACTION TO THAT IS THAT IN PREPARING A PROPOSED DECISION MAKING FRAMEWORK, AND ONE OF THE FIRST STEPS YOU WOULD DO IS YOU WILL FOCUS ON WHAT ARE YOUR POLICIES, RIGHT? UH, ESPECIALLY WHEN THOSE PO, THE FAILURE TO FOLLOW THOSE POLICIES IN A DISCIPLINED WAY MAY PUT THE CURRENT GROUP OF US INTO SOMEWHAT OF A BOX.
UM, AND I'M GONNA REACT IN A COUPLE WAYS.
ONE IS THAT IF WE'RE GONNA CHANGE THE POLICY, THEN I THINK THAT OUGHT TO HAVE US ENGAGE IN A DISCUSSION ABOUT THE POLICY AND MAYBE EVEN SET IT SEPARATE FROM THE FRAMEWORK FOR DECISION MAKING.
UM, BECAUSE I THINK THAT, THAT, THERE'S BEEN A LOT OF QUESTIONS ABOUT HOW WE GO ABOUT THAT.
AND THAT WOULD ALLOW US, I THINK, TO HAVE A MORE ROBUST DISCUSSION ABOUT WHY YOU HAVE THE POLICY, WHAT, UH, WHY YOU, WHAT, WHAT KIND OF EXCEPTIONS YOU MIGHT HAVE TO THE POLICY AND WHY THOSE EXCEPTIONS WOULD BE THERE.
AND ACTUALLY MAKE IT AS A, AS A, AS A DISCUSSION ABOUT, UH, BECAUSE FOR EXAMPLE, ONE OF THE THINGS THE DECISION TREE ATTEMPTS TO DO IS CREATE AN OPPORTUNITY FOR AN EXCEPTION.
UM, IT MAY NOT BE THE BEST WORD, IT MAY NOT BE THE WORDING WE END UP WITH, BUT IT'S, IT'S THE IDEA THAT YOU WOULD TAKE INTO CONSIDERATION.
WE MIGHT BE IN, IN DIFFERENT CIRCUMSTANCES.
UH, WE WOULD TAKE INTO ACCOUNT THE CONTEXT IN WHICH YOU'RE MAKING DECISION.
UM, BUT THAT'S A POLICY DECISION.
THAT'S NOT A, NECESSARILY A FRAMEWORK DECISION.
SO I, WHAT I WOULD RECOMMEND, OR, OR AT LEAST I'M, I'M THINKING WE OUGHT TO DO, IS IF WE, IF WE'RE BOTHERED BY THAT IN THE DECISION TREE, THEN WE NEED TO HAVE A A, A FULL DISCUSSION ABOUT THE TWO YEARS.
I THINK AS WE, YOU ARE CLEARLY TAKING WHAT EXISTS TODAY AND, AND PUTTING IT HERE, AND I THINK THAT MAKES COMPLETE SENSE.
AND SO EITHER WE DO HAVE THAT DISCUSSION ABOUT THE POLICY ITSELF, AND YOU KNOW, WE'VE GOT THREE WEEKS BETWEEN NOW AND THE NEXT TO EITHER START THAT DISCUSSION OR THIS LANGUAGE COULD JUST POINT TO THAT POLICY.
SO IF WE DO ADOPT THE POLICY, IT WOULD KIND OF AL AUTOMATICALLY CHANGE, RIGHT? SO ARE, ARE THE AMOUNT OF BONDS REMAINING TO BE ISSUED CONSISTENT WITH FINANCIAL POLICIES? THAT'S A VERY, SOMETHING LIKE THAT.
UM, JUST KIND OF THINKING OUT LOUD HERE, BUT WELL, I, I, I WOULD LIKE, AND AGAIN, THIS IS JUST AN IDEA.
THIS IS NOT, I, I'M NOT BEHOLDEN TO THIS.
THAT'S THE REASON WE'RE HAVING IT AS A, AS A KIND OF A DISCUSSION IS IF WE'RE GOING TO DO THIS EARLY ENOUGH IN THE YEAR THAT IT'S MEANINGFUL, THEN PROBABLY THE 26TH IS WHEN WE NEED TO DO IT.
RIGHT? AND SO IF WE'RE GOING TO MAKE IT AS A RECOMMENDATION FROM THE AUDIT AND FINANCE COMMITTEE, CREATING SOME LANGUAGE WHERE THE, BUT WITH THE RECOGNITION IN THE MOTION, I THINK WOULD BE THAT WE'RE NOT GONNA PASS THIS UNLESS WE'VE HAD A FULL DISCUSSION ABOUT THE POLICY AND BRING THAT WE, WE WON'T HAVE TIME.
I'M NOT GONNA TRY TO HAVE ANOTHER SPECIAL MEETING.
BUT HAVE A REAL DISCUSSION ABOUT THAT AT SOME POINT BEFORE WE THEN VOTE ON THIS AND MAYBE EVEN POST THAT FOR THAT MEETING.
BUT MR. VINO, WE'RE DOING A LOT OF YOUR, UH,
SO TELL US WHAT YOU THINK ABOUT ALL THAT.
WELL, I, I, I DO THINK THAT WE DO THIS EVERY YEAR.
UM, STAFF TYPICALLY BRINGS FORWARD PROPOSED TWEAKS AND CHANGES TO OUR FINANCIAL POLICIES.
'CAUSE STUFF CHANGES, UH, BEST PRACTICES CHANGE.
AND, AND SO EVERY YEAR STAFF WILL TYPICALLY BRING FORWARD TWO OR THREE POLICY, RECOMMEND POLICY CHANGE RECOMMENDATIONS TO AUDIT FINANCE, TO GET YOUR FEEDBACK, AND THEN ULTIMATELY YOUR RECOMMENDATION FOR APPROVAL.
AND THEN WE INCORPORATE THOSE INTO THE BUDGET FOR ULTIMATE APPROVAL BY THE CITY COUNCIL.
SO THIS WOULD BE FULLY APPROPRIATE ROLE FOR THE, AND, AND, AND, UH, HISTORIC TRADITIONAL ROLE FOR THE AUDIT FINANCE COMMITTEE TO TAKE UP AN EXISTING POLICY AND TO, UH, YOU KNOW, SEEK TO, TO ALTER IT.
WELL, OTHER THAN THAT, I REALLY APPRECIATE, UH, THE UPDATES THAT, THAT YOU HAVE MADE HERE, YOU KNOW, HIGHLIGHTING, UH, A FEW THAT I, I THINK ARE REALLY IMPORTANT, THAT KIND OF MINOR.
BUT, YOU KNOW, MAKING SURE OUR PROJECTS
[00:10:01]
HAVE ENVIRONMENTAL BENEFITS ASSOCIATED WITH THEM.THAT'S SOMETHING THAT'S REALLY IMPORTANT.
UH, I KNOW TO MYSELF AND, AND THIS COUNCIL.
UH, AND THEN ALSO REALLY PIGGYBACKING ON THE DISCUSSIONS WE HAD EARLIER TODAY ABOUT HOW THE CITY OPERATES, NOT, WE WANNA MAKE SURE THAT WE'RE ADDRESSING DEFERRED MAINTENANCE, BECAUSE IF THINGS GET MORE EXPENSIVE, UH, BOTH TO REBUILD THEM, BUT IF YOU INVEST IN, LET'S SAY A FACILITY OR NEW OR EXISTING, THAT CAN ACTUALLY LOWER OPERATIONAL COSTS.
AND THAT'S SOMETHING THAT, UH, WE SHOULD ALWAYS BE CONSCIOUS OF AS WELL.
SO, UM, JUST WANT TO SAY, APPRECIATE THAT BEING ROLLED IN HERE.
I'D CERTAINLY LOVE TO LISTEN TO WHAT EVERYONE ELSE HAS TO SAY, AND WE'LL GO FROM THERE.
AND, AND JUST, I, WE CAN TAKE A STAB AT REVISING THAT POLICY JUST BASED UPON WHAT WE'VE HEARD TODAY.
I MEAN, OFF THE CUFF, UH, IT'S GENERALLY GOOD TO HAVE YOUR POLICIES BE CLEAR, BUT NOT OVERLY PRESCRIPTIVE.
THE WAY STAFF WILL TALK ABOUT IT IS SUBSTANTIAL COMPLETION.
YOU KNOW, WE, WE KIND OF HAVE BEEN QUANTIFYING THAT AS 90% DONE, BUT IN, IN, IN ESSENCE, THE BOND PROGRAM IS SUBSTANTIALLY COMPLETE FOR ANY VARIETY OF REASONS.
THERE COULD BE A LONG TAIL TO THE FINAL SPENDING OCCURRING.
YOU KNOW, YOU CAN LOOK AT SOME OF THE TABLES, UH, KIM, ALL OF OURS, WHO IS GONNA SHARE IN A BIT.
YOU'LL SEE THAT THERE'S A LITTLE BIT OF MONEY STILL REMAINING FROM 2012.
THAT DOES NOT MEAN, AND IT SHOULD NOT MEAN, WELL, WE STILL HAVE, WE STILL HAVE BONDS, YOU KNOW, REMAINING TO BE ISSUED.
WE SHOULDN'T DO, YOU KNOW, SO WE REALLY LOOK AT IT IN TERMS OF SUBSTANTIAL COMPLETION.
AND THAT WOULD BE THE KIND OF LANGUAGE HERE THAT MAYBE WE, IT WOULD MAKE SENSE TO INCLUDE THAT IN THERE, YOU KNOW, TWO, TWO YEARS OF BOND REMAINING, YOU KNOW, AND SUBSTANTIAL COMPLETION OF THE, OF THE BOND PROGRAM, UH, OR SOMETHING ALONG THOSE LINES AS OPPOSED TO PRESCRIBING 90 OR 95 OR 85%.
UM, AGAIN, THAT'S HOW STAFF HAS BEEN INTERPRETING THIS POLICY, BUT I THINK AN ADDITION LIKE THAT WOULD, WOULD BE AN IMPROVEMENT.
AND ACTUALLY, I HAVE ONE MORE.
AND THIS IS A REALLY MINOR EDIT ON THE BOX.
UM, UNDER THE BLUE BOX, UNDER THE, NO, DOES THE PROPOSED BOND ELECTION MEET THE FOLLOWING EMERGENCY CONDITIONS? UH, JUST EITHER A CLARIFICATION IN THAT TOP PART OR AFTER THE VERY FIRST BULLET, IF IT'S AN AND OR AN OR JUST FOR THE FUTURE.
IT'S A, I I, I BELIEVE IT, IT IS MEANT TO BE AS AN AND RIGHT NOW.
'CAUSE I COULD, I, I'M JUST TRYING TO THINK THROUGH, YOU KNOW, IF YOU HAVE A SIGNIFICANT COMMUNITY NEED, BUT THAT IT WOULDN'T HAVE THE FEDERAL OR STATE, YOU WOULDN'T RUN A FOUL OF STATE OR FEDERAL LAW WOULD DO.
WE WANNA THINK OF THOSE SEPARATELY OR TOGETHER.
AND THAT'S, UM, JUST A CLARIFICATION WAS SEEKING.
AND, AND WE'LL, UM, WHERE ARE, WHERE ARE YOU IN THE, THE PINK PART, THE, THE BOX ON THE LEFT.
DOES THE PROPOSED BOND ELECTION MEET THE FOLLOWING URGENCY CONDITIONS? AND THEN THERE'S, YOU HAVE THE SIGNIFICANT COMMUNITY NEED THAT CANNOT BE ADDRESSED THROUGH NON-VOTER APPROVED DEBT OR BASICALLY RESERVES.
AND THEN A DELAY IN FUNDING, UM, TO, OR DELAYING FUNDING TO ADDRESS THE IDENTIFIED COMMUNITY NEED WOULD RESULT IN NON-COMPLIANCE WITH FEDERAL OR STATE REGULATION.
BUT, BUT THAT HAS AN OR IN IT TOO.
SEE, THAT'S THE DIFFERENT, UH, I, I GET WHAT YOU'RE SAYING, BUT THERE ARE THREE, THERE ARE THREE ELEMENTS TO THAT.
AND NOT JUST FEDERAL OR STATE.
JUST WANTED TO UNDERSTAND THE, THE, THE, THE IDEA BEING THAT IF NOBODY'S MADE A RECOMMENDATION FOR A BOND ELECTION, YOU'RE NOT GONNA HAVE A BOND ELECTION UNLESS YOU HAVE AN UNFORESEEABLE AND UNANTICIPATED URGENT NEED.
IF YOU DON'T DO SOMETHING, YOU'RE GONNA DELAY FUNDING THAT WOULD HELP YOU WITH FEDERAL OR STATE REGULATIONS.
YOU'D BE IN NON-COMPLIANCE FEDERAL, IT WOULD CAUSE IRREPARABLE HARM TO ALL, OR A SEGMENT OF THE COMMUNITY, OR IT'S AN ECONOMIC LOSS TO THE CITY.
SO YOU MIGHT NOT BE DELAYING ANYTHING WITH REGARD TO THE FEDERAL OR STATE, BUT YOU WOULD STILL HAVE A BOND ELECTION BECAUSE IT CREATES IRREPARABLE HARM TO A PORTION OF YOUR COMMUNITY, OR IT CAUSES AN ECONOMIC LOSS TO THE CITY.
IS THAT OKAY? I I WILL, HANG ON ONE SECOND.
MAYOR PRO TIM, JUST ON THAT POINT.
I, I WOULD, THIS WAS KIND OF THOUGHT ABOUT BY STAFF AND ADDED AS A TRUE BELT AND SUSPENDERS.
IT'S HARD FOR ME JUST TO COME UP WITH AN EXAMPLE OF WHERE THIS WOULD ACTUALLY COME INTO PLAY BECAUSE OF, IN THE FIRST PART, IT TALKS ABOUT THERE'S THIS UNFORESEEABLE, UNANTICIPATED, URGENT COMMUNITY NEED AND IT CAN'T BE MET THROUGH OTHER MECHANISMS. UM, YOU KNOW, SO I THINK BACK TO THE ONION CREEK FLOODS WHERE WE, WE HAD A LOT OF HOMES OR DAMAGE, AND PEOPLE WERE LITERALLY LIVING IN THEIR DRIVEWAYS OF THESE FLOODED OUT HOMES.
AND SO THE CITY DID AN URGENT NON VOTED DEBT ISSUANCE OF $78 MILLION TO DO THOSE PROPERTY BUYOUTS.
AND SO I'VE NOT REALLY YET THOUGHT OF AN EXAMPLE OF WHERE THIS MAY COME INTO PLAY, BUT IT WAS JUST, AGAIN, TO BE FULL BELTS AND SUSPENDERS THAT IF THERE WAS A, A, A NEED TO DO
[00:15:01]
A BOND ELECTION TO MEET THIS TYPE OF CIRCUMSTANCE, IT WAS CLEAR IN THE POLICY THAT THAT HAD OR CLEAR IN THE FRAMEWORK THAT THAT HAD BEEN A VISION.BUT I, AGAIN, I THINK IN EVERY CIRCUMSTANCE I COULD SEE OR THINK OF IT WOULD JUST BE, NO, WE WOULD COME TO COUNCIL WITH THIS AS AN URGENT ACTION AND WE RECOMMEND ISSUING NON-VOTER APPROVED DEBT FOR, FOR THIS ISSUE.
UM, SO I JUST WANTED TO PUT THAT OUT THERE.
I DON'T NECESSARILY SEE THIS AS BEING RESTRICTIVE.
IT WAS REALLY INTENDED TO BE, WE WANNA MAKE SURE EVERY POTENTIAL POTENTIALITY IS COVERED.
AND THERE, THAT WAS CONSIDERED IN HERE.
MAYOR PRO TIM, I I'M SORRY TO, UH, CUT YOU OFF.
UH, MAYOR, I UNDERSTAND BECAUSE THE, THE VERSION THAT YOU HAVE UP HERE IS THE, THE, LET ME CALL IT VERSION ONE, BUT I, I UNDERSTAND THAT THERE IS A VERSION TWO FLOATING AROUND WITH SOME, UH, CHANGES AND, AND, UH, YEAH.
COULD, COULD WE GET THAT ONE UP ON THE SCREEN? YEAH.
I WASN'T LOOKING AT WHAT WAS ON THE SCREEN, SO I AGREE.
CAN WE, HOW DO WE GET THAT DONE? AND THAT'S THE ONE, BY THE WAY, THAT THE ONE YOU'RE AT CALLING FOR MAYOR PRO TIMM IS THE ONE THAT COUNCIL MEMBER ALTER WAS ASKING QUESTIONS ABOUT, BECAUSE HE MADE, HE MADE SPECIFIC REFERENCE, FOR EXAMPLE, UH, ON, ON ENVIRONMENTAL BENEFITS.
AND, AND I JUST WANTED TO, TO MAKE SURE THAT WE'RE ALL WORKING OFF THE PAPER.
THAT'S, AND UH, ACTUALLY, MY STAFF JUST SENT ME THAT VERSION TWO.
UH, AND, UH, I, I MEAN, I, I THINK IT'S, IT'S, IT'S HONESTLY FINE.
I I DO HAVE THAT KIND OF TWO YEAR CITYWIDE, UH, FINANCIAL POLICY THAT ARE THERE TWO YEARS OR FEWER OF ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED.
UH, I, I, I'M STILL KIND OF STRUGGLING WITH HOW TO SQUARE THAT WELL WITH THE DIFFERING DEPARTMENTAL NEEDS.
I, I, I, I'M JUST TRYING TO UNDERSTAND THAT.
I DON'T KNOW IF, IF, FOR EXAMPLE, UH, MR. VINO COULD, UH, COULD, COULD, COULD TOUCH ON THAT A BIT.
WELL, AND, AND, AND BEFORE HE DOES THAT, LET ME JUST SAY, I THINK THAT'S REALLY WHAT, UM, COUNCILMAN WALTER WAS TALKING ABOUT AS WELL.
AND, AND WHAT I WAS SAYING WAS, AND I REALLY BELIEVE IF WE'RE GOING TO, TO CHANGE THAT, THE WAY IT'S CURRENTLY WORDED, IF YOU CHANGE IT IN ANY WAY OTHER THAN SORT OF WHAT, UH, CAST MEMBER ALTER WAS SUGGESTING, AND I'M GONNA COME BACK TO SOME POTENTIAL LANGUAGE, THEN YOU'RE CHANGING THE POLICY AND THE VEHICLE FOR CHANGING THE TWO YEAR, WHAT I'LL CALL GENERALLY THE TWO YEAR POLICY SHOULDN'T BE A FRAMEWORK FOR DECISION MAKING, BUT WHAT WE COULD DO IN THIS VERSION IS MAKE THAT BOX INSTEAD OF IT READING, ARE THERE TWO YEARS OR FEWER OF ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED? MAKE IT FOR NOW.
AND WHAT THE RECOMMENDATION OF THE COMMITTEE WOULD BE TO THE FULL COUNSEL WITH THE, THE IDEA THAT WE WOULD, UH, CHA PROBABLY MAKE, MAKE SOME DEC DECISIONS ABOUT THE, TO YOUR POLICY, HAVE THE QUESTION BE SOMETHING TO THIS EFFECT.
AND Y'ALL, I'M GONNA READ IT OUT LOUD AND Y'ALL START EDITING.
IS THIS CONSISTENT WITH POLICY RELATED TO THE NUMBER OF YEARS, OR SUBSTANTIAL COMPLETION OF ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED? PUT THAT IN THERE, WHICH WOULD COVER US ON WHATEVER THE POLICY IS.
BUT IT ALSO THEN WOULD ALLOW US TO PREPARE FOR THE 26TH AND MAYBE EVEN THE WORK SESSION ON THE 24TH TO HAVE A COMPLETE DISCUSSION ABOUT THE TWO YEAR POLICY.
IT WOULD ALLOW OUR PROFESSIONAL FINANCIAL STAFF TO BRING US ANY RECOMMENDATIONS.
AND THEN IF WE CHANGE THAT, WE CAN ALWAYS CHANGE THIS BACK TO WHATEVER THE POLICY SAYS OR LEAVE IT WHERE IT JUST SAYS IT'S CONSISTENT WITH THAT.
AND, AND MR. VAN, DO YOU EVER COMMENT ON THAT? WELL, I THINK WHAT YOU'RE, I THINK THAT WOULD WORK.
AND I THINK, UH, WE COULD MAKE SOME, OFFER SOME TWEAKS TO THE POLICY IN ITS CURRENT FORM THAT WOULD BE AN IMPROVEMENT.
UM, I THINK THAT THAT EXI LIKE THAT EXISTING POLICY OF, ARE THERE TWO YEARS OR FEWER ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED, SHOULD REALLY BE CONSIDERED ALONG WITH THE OTHER EXISTING POLICY OF BOND PROPOSITIONS OF IN SIZE, SUCH THAT ALL PROJECTS CAN BE DELIVERED WITHIN SIX YEARS.
BOTH OF THOSE THINGS ARE, ARE CLICKING AND WORKING.
THIS WORKS REALLY, REALLY WELL.
WHAT HAPPENS IS, IS WHEN WE'VE NOT BEEN AS METHODICAL AND THOUGHTFUL ABOUT OUR BOND PROJECTS, OUR, YOU KNOW, PROGRAMS AND TAKING 'EM TO THE VOTERS, GETTING THEM APPROVED, THE SIZING OF THEM, UM, WE'VE BEEN BRINGING BOND PROGRAMS MAYBE THAT WEREN'T FULLY, UH, OR FAR ENOUGH ALONG IN THE DESIGN PROCESS FOR US TO HAVE A REALLY, REALLY
[00:20:01]
GOOD HANDLE ON HOW LONG THEY'RE GONNA TAKE TO DELIVER AND HOW MUCH THEY WERE GONNA COST, THEN IT'S CAUSED PROBLEMS. BUT IF THESE ARE REALLY BEING ADHERED TO, I LOOK AT IT LIKE THE OPERATING BUDGET, THE BEST WAY TO DO AN OPERATING BUDGET IS ONCE A YEAR WE BRING ALL THE DIFFERENT COUNCIL AND COMMUNITY PRIORITIES FORWARD, AND WE LOOK AT OUR FUNDING CONSTRAINTS AND WE MAKE A DECISION ABOUT HOW WE WANT TO ALLOCATE THE OPERATING BUDGET.I THINK THAT IS BY FAR THE BEST WAY TO DO A BOND PROGRAM AS WELL.
WHETHER IT'S EVERY FIVE YEARS OR EVERY SIX YEARS, WHICH IS WHAT OUR POLICY CALLS FOR.
BUT ON A REGULAR CADENCE, WE'RE SAYING WE ARE GONNA HAVE A COMPREHENSIVE COMMUNITY DISCUSSION ABOUT WHAT OUR CAPITAL NEEDS ARE, WHAT OUR PRIORITIES ARE, HOW MUCH TAX MONEY WE'RE WILLING TO COLLECT IN ORDER TO COVER ALL THOSE EXPENSES.
AND THEN WE SIZE EVERYTHING FOR SIX YEARS.
AND THEN IT'S VERY IMPORTANT ON THE STAFF SIDE THAT WE MANAGE IT LIKE A SIX YEAR PROGRAM.
SO IF WE GO THROUGH THIS PROCESS AND THE COUNCIL SAYS, WE'RE COMFORTABLE WITH $30 MILLION FOR SIDEWALKS, OKAY, IT'S A SIX YEARS PROGRAM, THAT MEANS WE NEED TO SPEND ABOUT 5 MILLION A YEAR ON SIDEWALKS.
'CAUSE THEN YOU'LL RUN OUTTA MONEY AND YOU WON'T HAVE ANYTHING FOR YOUR STAFF THAT DELIVERS THOSE PROGRAMS TO DO.
THE COUNCIL HAS ELECTED TO PUT ONTO THE BALLOT 30 MILLION A YEAR FOR SIDEWALKS.
THE VOTERS HAVE APPROVED THAT WE NEED TO MANAGE THE PROGRAM.
LIKE IT'S A $30 MILLION SIDEWALK PROGRAM.
AND THEN WHEN WE GET TO ABOUT TWO YEARS OF BOND MONEY LEFT, WE START THE WHOLE CYCLE OVER AGAIN, GO TO THE VOTERS WITH A NEW SIX YEAR AUTHORITY.
AND IT, AND IT WORKS REALLY WELL.
UM, I WOULD CAUTION COUNSEL AGAINST, YOU KNOW, IF IT'S WORKING WELL, I THINK IT, IT IT'S THE WAY WE WANNA BE, YOU KNOW, AS OPPOSED TO HAVING ONE-OFF DECISIONS ON A VARIETY OF THINGS.
SO, YOU KNOW, THIS DEPARTMENT DIDN'T MANAGE ITS BOND, UH, ALLOCATION.
YOU KNOW, THEY WERE TOO AGGRESSIVE AND THEY SPENT IT TOO FAST, AND NOW THEY'RE OUT OF MONEY.
AND SO NOW WE'RE GONNA DO A SPECIAL ELECTION JUST FOR THEM.
BUT THEN THAT KIND OF, YOU, YOU DON'T HAVE THE FULL PICTURE.
YOU DON'T KNOW WHAT THE OTHER PRIORITIES MIGHT, MIGHT BE.
UM, UM, SO THAT'S MY, THAT, THAT'S WHY I THINK THESE POLICIES HAVE SERVED THE CITY VERY, VERY WELL FOR THEIR, FOR THE SEVERAL DECADES THAT THEY'VE BEEN IN EXISTENCE.
I THINK IT'S JUST IN, IN MORE RECENT TIMES WE'VE STRAYED FROM THOSE POLICIES AND THAT'S WHY IT NOW APPEARS THAT DO THEY REALLY MAKE SENSE? BUT I THINK WHEN THEY'RE WORKING, THEY DO MAKE SENSE.
AND IF WE CAN GET EVERYTHING SYNCED BACK UP TO SIZING OUR DIFFERENT PROPOSITIONS FOR SIX YEARS, AND THEN WHEN WE'RE TWO YEARS OUT, WE HAVE ANOTHER ELECTION, I THINK IT'S GONNA WORK REALLY WELL FOR THE COUNCIL AND MAKES IT MORE PREDICTABLE FOR THE COMMUNITY AND STAFF MEMBERS.
AND MAYOR, IF, IF I MAY FOLLOW UP WITH, UH, MR. VANU AND I, I COMPLETELY UNDERSTAND THAT, AND, AND, AND I AM GLAD TO HEAR THAT IT HAS WORKED WELL IN THE PAST.
THE, THE REALITY IS THOUGH, RIGHT NOW WE'RE A LITTLE OUT OF WHACK IN TERMS OF SOME DEPARTMENTS HAVE MORE MONEY THAN THAN THAN OTHERS.
HOW DOES THAT POLICY THEN KIND OF INTERACT WITH WHERE WE ARE TODAY? THAT, THAT'S KIND OF MY, MY, MY CONCERN.
'CAUSE AGAIN, WE HAVE A DEPARTMENT, LIKE FOR EXAMPLE, A PARKS THAT HAS, IF I'M RECALLING THE, THE PRESENTATION CORRECTLY, I THINK $25 MILLION OF CAPITAL FUNDS LEFT THEIR LAST, UH, BOND WAS I BELIEVE 2018.
UH, YOU KNOW, THEY'RE IN NEED OF CAPITAL FUNDS IF WE WANT TO CONTINUE TO, TO, TO DEVELOP OUR PARTS.
HOW, HOW, HOW DOES THAT KIND OF, THE CURRENT SITUATION, HOW DO YOU SEE THE CURRENT SITUATION INTERACTING WITH OUR ESTABLISHED POLICY? I, I THINK THERE'S TWO OPTIONS THERE.
AND I THINK IN THE PAST, THE CITY'S USED BOTH OF THOSE.
AND I THINK THIS FRAMEWORK, UM, ALLOWS FOR EITHER OF THESE.
ONE WOULD BE TO LOOK AT NON VOTED DEBT TO SAY, YOU KNOW, WHAT, WHAT ARE WE TALKING ABOUT? WHERE, WHERE DO THE GAPS EXIST? AND ARE THOSE GAPS, YOU KNOW, HOW, HOW, WHAT, HOW BIG ARE THEY? AND, UM, ARE THEY ALLOWABLE UNDER STATE LAW FOR NON VOTED DEBT? UM, ANOTHER WAY WOULD BE WHAT YOU SAW IN, UM, 2010.
SO WE DID A COMPREHENSIVE BOND IN 2006.
THE NEXT COMPREHENSIVE BOND WAS IN 2012.
IN 2010, WE HAD A ONE-OFF ELECTION FOR ONLY $90 MILLION.
AND IT WAS THAT EXACT SITUATION WHERE A COUPLE AREAS HAD RUN OUT OF FUNDING.
AND SO WE DID A, A BRIDGE BOND TO GET HIS BACK IN SYNC.
SO WE'VE DONE BOTH OF THOSE IN THE PAST, AND WE CAN CERTAINLY LOOK AT OUR CURRENT SITUATION.
YOU KNOW, I THINK WHEN YOU LOOK AT PARKS MAINTENANCE, UH, UH, SIDEWALKS, WHICH I'VE MENTIONED PREVIOUSLY, UH, THOSE ARE SOME AREAS RIGHT NOW WHERE WE ARE SHORT FUNDING.
AND THEN THERE'S OF COURSE OTHER AREAS WHERE WE HAVE PLENTY OF FUNDING TO GET US THROUGH THE NEXT TWO YEARS.
BUT WE COULD USE EITHER OF THOSE METHODS TO GET THINGS BACK INTO SYNC.
AND MAYOR PRO TEM, AS WE'VE WORKED ON THIS, ONE OF THE THINGS THAT I WOULD ADD TO THAT ANSWER IS THAT THE FRAMEWORK ALLOWS FOR, AS MR. VINO HAS JUST POINTED OUT, THE FRAMEWORK ALLOWS FOR THAT TO BE CONSIDERED.
AND WE'VE ACTUALLY, I THINK, IMPROVED THE LANGUAGE SO THAT DOWN IN THE, UH, RECTANGULAR BLOCK ON THE LEFT HAND SIDE AT THE, THE BOTTOM, HAS CITY COUNCIL CONSIDERED ANY OF THE REQUIRED CONDITIONS DUE TO UNIQUE
[00:25:01]
OR URGENT CIRCUMSTANCES? AND I THINK THAT GIVES THE CITY COUNCIL THE OPPORTUNITY TO DO, AS MR. VINO JUST INDICATED, SET, SET ASIDE HIS FIRST PART OF THE ANSWER, WHICH IS, UH, NON-VOTER APPROVED DEBT.IT GIVES THE COUNCIL THE ABILITY TO SAY, OKAY, THINGS HAVE PLAYED OUT IN SUCH A WAY WHERE WE HAVE A UNIQUE SET OF CIRCUMSTANCES AND WE HAVE A NEED HERE.
THAT, THAT'S THE WAY I, THAT'S THE WAY I READ THAT.
I, I APPRECIATE THAT, AND I THINK THAT'S, UH, VERY HELPFUL.
AND, UH, I, I WILL SAY THAT THE VERSION TWO, IT LOOKS FINE TO ME.
AGAIN, I, I THINK PENDING SOME ADDITIONAL KIND OF CONVERSATION AND, AND, AND THOUGHT ABOUT THESE KINDS OF THINGS LIKE THAT.
BUT, AND, AND I DON'T WANNA CUT SHORT THE CONVERSATION, BUT I, I WOULD BE FINE WITH, OKAY.
UH, WITH, UH, MOVING THIS OUT OF COMMITTEE INTO THE FULL, UH, COUNCIL'S CONSIDERATION FOR THE, THE, I GUESS THE FEBRUARY 26TH MEETING, RIGHT? YES.
UH, LET'S LET THE, LET COUNT THE COUNCIL MEMBER SPEAK SPEAKING.
THEN I WANNA RECOGNIZE MR. ROGERS, I JUST, THE VERSION TWO, ARE WE REFERENCING WHAT MAYOR PERVE POSTED ON THE MESSAGE BOARD LAST NIGHT? NO.
OR IS WHAT'S IN OUR PACKET VERSION TWO? LEMME NO, THAT'S THE, THAT'S, IT'S THE ONE THAT'S UP ON THE, I DON'T KNOW HOW THIS, SO WHAT HE POSTED ON THE MESSAGE BOARD IS, NO, NOT HIS MESSAGE BOARD POST.
IT'S A DIFFERENT THAN HIS MESSAGE BOARD POST.
IT'S THE ONE THAT'S ON THE SCREEN RIGHT NOW.
HE, MAX IS GONNA GET HANDOUT COPIES.
UM, AND I DON'T WANT TO VEER TOO MUCH AWAY FROM THE POLICY, BUT THERE'S, I JUST WANTED TO ADD SOME THINGS.
AS YOU'RE MAKING THIS DECISION, WHETHER IT'S TWO YEARS OR 90%, I THINK THERE'S SOME OPERATIONAL ITEMS THAT ALSO NEED TO BE ATTACHED TO THIS.
AND THAT'S A REALLY, A PROJECT MANAGEMENT INFORMATION SYSTEMS OR SOME TYPE OF TRANSPARENCY TOOLS, WHICH WE'RE WORKING ON.
SO YOU ALL, MYSELF AND THE PUBLIC CAN ALSO SEE WHERE EVERY ONE OF THOSE PROJECTS IS AT ANY PARTICULAR POINT, WHETHER IT'S THE DOLLAR SPEND OR THE CONSTRUCTION, SO THEY KNOW EXACTLY WHERE WE'RE AT.
SO IT'S NOT A SURPRISE WHEN WE GET TO THIS POINT OF MAKING A DECISION, WE WANT TO MAKE SURE THAT WE HAVE A HIGHER LEVEL OF TRANSPARENCY.
SO, UM, THAT'S ONE OF THE THINGS THAT I THINK REALLY NEEDS TO BE A PART OF THIS PROCESS.
SO WE HAVE THE ABILITY TO MONITOR THE SITUATION SO THINGS DON'T GET TOO OUT OF WHACK.
AND THAT WOULD, THAT WE COULD DO THAT SORT OF THING AS PART OF ANY POLICY DISCUSSION THAT WE MAKE GO GOING FORWARD.
UH, AND THANKS FOR EVERYBODY'S WORK ON GETTING US TO THE LATEST VERSION.
UM, I HAD A COUPLE OF QUESTIONS.
ONE IS AROUND THE IDEA OF THE URGENT URGENCY CONDITIONS.
UH, AND I'M CURIOUS BECAUSE I KNOW IN SOME EARLY CONVERSATIONS I'VE HAD, I WAS JUST TRYING TO UNDERSTAND IF A DEPARTMENT CAME TO US AND SAID, HEY, LOOK, IF WE DON'T INVEST IN X, Y, Z, UH, IT WOULD, YOU KNOW, THIS POTENTIAL BUILDING COULD COST INFINITELY MORE MONEY TO REPAIR, UH, THREE YEARS FROM NOW THAT IF WE DO IT NOW, UM, WHICH I ASSUME FALLS UNDER THE ECONOMIC LOSS TO THE CITY, PART OF THE URGENCY CONDITION.
MY QUESTION THOUGH IS WHAT SORT OF INFORMATION COULD WE EXPECT TO BE SHARED SO THAT WE HAVE SORT OF A LANDSCAPE PERSPECTIVE ON WHAT THOSE FUNDING NEEDS MIGHT LOOK LIKE SO THAT WE CAN UNDERSTAND WHETHER, UH, WE'RE MEETING THOSE URGENCY CONDITIONS? HAS ANY, HAVE YOU, HAVE YOU ALL THOUGHT THROUGH SORT OF WHAT SORT OF, OR IS MAYBE THERE'S INFORMATION THAT ALREADY EXISTS OUT THERE THAT I DON'T KNOW ABOUT THAT WOULD HAVE THAT KIND OF DETAIL IN IT SO WE CAN MAKE, WE CAN EITHER MAKE THAT DECISION THE CORRECT DECISION AS PART OF THE DECISION TREE? I THINK THAT'S PROBABLY GOING TO VARY, DEPEND UPON THE CIRCUMSTANCE, BUT IT WOULD BE INCUMBENT UPON STAFF AT THE TIME TO BRING IT FORWARD TO THE AUDIT FINANCE COMMITTEE TO, TO, TO KIND OF, YOU KNOW, SAY THAT YES, THAT WE AGREE WITH STAFF'S ASSESSMENT OF THAT, AND THAT BOX IS CHECKED.
SO, UM, A LITTLE HARDER, LIKE I WAS SAYING TO THINK FORWARD WHERE THIS MIGHT COME INTO PLAY, BUT LOOKING BACK, THE, AGAIN, THE ONION, UH, CREEK FLOODS, BUYOUTS, IF YOU KNOW RIGHT NOW THAT WAS, AND STILL IS ALLOWED FOR NON VOTED DEBT, AND THAT WOULD DEFINITELY BE OUR RECOMMENDATION IN A CIRCUMSTANCE LIKE THAT.
WE SHOULDN'T BE WAITING TO NOVEMBER BEFORE WE TAKE ACTION TO HELP THOSE VICTIMS.
[00:30:01]
UM, BUT STATE LAW CHANGES, YOU KNOW, AND SO IF STATE LAW CHANGED SO THAT WE ARE NOT ALLOWED TO ISSUE VOTED NON-VOTER APPROVED DEBT, WE WOULD HAVE TO HAVE SOME TYPE OF ELECTION.AND THIS ESSENTIALLY WOULD, WOULD, WOULD BE THE PROVISION THAT WOULD ALLOW FOR THAT.
IT'S AN EMERGENCY SITUATION, AND IT, IT WOULD BE HARM TO THE, UH, COMMUNITY IF WE WEREN'T TO MOVE FORWARD WITH IT, UM, EVEN THOUGH SOME OF THESE OTHER CONDITIONS MIGHT NOT BE MET.
UM, SO IT'D BE THAT KIND OF CIRCUMSTANCE THAT WE'D BE LOOKING, LOOKING AT.
SO IS THE EXAMPLE I JUST OFFERED, WOULD THAT QUALIFY THEN IF IT'S NOT THE SAME LEVEL OF URGENCY AS A, AS A FLOOD WHERE WE'D NEED TO ACT IMMEDIATELY? YEAH.
AND SOME OF THIS IN, YOU KNOW, SOME OF THIS LANGUAGE AND WE'RE TRYING TO RELY ON KIND OF PAST PRACTICES.
AND SO THE THINGS LIKE URGENT AND UNANTICIPATED AND ECONOMIC LOSS TO THE CITY, THESE ARE, YOU'LL FIND THAT SAME TYPE OF LANGUAGE IN OUR POLICY ABOUT NON-VOTER APPROVED DEBT, WHICH ESSENTIALLY SAYS OUR, UM, YOU KNOW, YOUR, YOUR PRIORITY AS A CITY COUNCIL IS TO GET VOTER APPROVAL FOR DEBT, BUT IN CERTAIN CIRCUMSTANCES WHERE IT'S AN URGENT ISSUE, IT WAS UNANTICIPATED, UM, IT WOULD RESULT IN AN ECONOMIC LOSS TO THE, TO THE, TO THE CITY, UM, IN THOSE TYPES OF CIRCUMSTANCES.
AND, AND IT ACTUALLY DOES IN INCLUDE IN THERE THINGS LIKE ADDRESSING LIFE HEALTH SAFETY ISSUES AT CITY FACILITIES.
SO IF WE HAD A FACILITY THAT WAS, HAD SO MUCH DEFERRED MAINTENANCE, THERE WAS, UH, UH, DANGERS OF, OF WORKING IN THAT FACILITY, WE WOULD ISSUE, YOU KNOW, WE WOULD ADDRESS THAT WITH NON-VOTER APPROVED DEBT.
MY, MY MAIN THOUGHT WAS ON THIS IS TO MAKE THIS AS RESILIENT AS POSSIBLE.
AND STATE LAW DOES CHANGE EVERY, EVERY YEAR IT SEEMS IN REGARDS TO SOME ISSUE OF CITY FINANCES AND CERTAINLY ALLOWABLE USES OF CERTIFICATES OF OBLIGATION, NON-VOTER APPROVED DEBT IS SOMETHING THAT'S DISCUSSED EVERY YEAR.
AND SO THERE COULD BE A CHANGE THAT PUTS RESTRICTIONS ON THERE WHERE NOW WE WOULD HAVE TO GO TO THE VOTERS FOR THINGS.
AND THAT'S THE MAIN REASON I FELT THAT PROVISION WAS, WAS, WAS NECESSARY, NOT SO MUCH THAT AS THINGS EXIST TODAY, IT, I, I DON'T THINK IT WOULD PROBABLY COME INTO PLAY.
IT'S HARD TO IMAGINE A CIRCUMSTANCE WHERE SOMETHING WOULD COME INTO PLAY THAT WAS TRULY URGENT IN NATURE AND, YOU KNOW, THE, AND, AND WE HAD THE ABILITY TO DO NON-VOTER DEBT THAT WE WOULDN'T CHOOSE TO DO THAT.
I APPRECIATE YOU CLARIFYING THAT AND, AND POINTING ME IN THE DIRECTION OF THE POLICY REGARDING THE NON-VOTER APPROVED DEBT THAT I CAN GO REFER TO.
UH, THE ONLY QUESTION I'VE GOT IS WHEN, UH, MS. LANG PRESENTED TO US A COUPLE WEEKS AGO AND SHARED WITH US WHAT THE TAXPAYER IMPACT WOULD BE ON DEBT, I THINK SHE WAS PROBABLY REFERRING TO DEBT IN GENERAL AS WE ISSUE IT.
I WANNA JUST MAKE SURE THAT THAT WOULD APPLY TO THAT, THAT WOULD APPLY EQUALLY TO BOTH VOTER APPROVED AND NON VOTER APPROVED DEBT.
WHEN SHE TALKED ABOUT, LIKE, WAS IT $14 38 CENTS FOR THE AVERAGE RATE PAYER FOR EVERY A HUNDRED MILLION DOLLARS? YEAH, IT, IT, THAT THAT'S, THAT'S THE SAME FOR NON VOTER APPROVED DEBT.
THAT'S, YES, WE WOULD PRESENT ALL OF IT.
COUNCIL MEMBER FUENTES MAYOR, I JUST WANNA MAKE SURE, 'CAUSE I KNOW THAT WE DO HAVE A 20 PLUS ADVISORY CITIZEN BOND ADVISORY TASK COMMITTEE THAT FOLLOWS ALONG, AND THEY'RE ESPECIALLY TUNING IN TODAY FOR THIS CONVERSATION AROUND A BOND DECISION TREE THAT, UH, COUNCILOR REVELLA, MAYOR VELA POSTED LAST NIGHT, A HIS AMENDMENT TO THE DECISION TREE WE HAVE BEFORE US A VERSION TWO.
IT SEEMS LIKE YOU'VE INCORPORATED SOME OF WHAT HE SUGGESTED.
THAT'S WHAT, THAT'S, THAT'S WHAT THIS IS A, AN EFFORT TO TAKE WHAT HE DID LAST NIGHT AND PUT IT INTO A, A PROPOSAL FOR AN, AN AMENDMENT.
AND THAT'S WHAT HE WAS JUST SAYING WITH, WITH, WITH THE EXCEPTION OF HIS CON CONTINUED CONCERN ABOUT TWO YEARS.
HE THINKS I'VE INCORPORATED IT ENOUGH THAT HE WOULD BE OKAY WITH IT, ASSUMING WE HAVE THE RIGHT MOTION ON THE TWO YEARS.
SO THIS VERSION TWO INCORPORATES SOME OF WHAT YES, IT'S, IT'S BASED UPON WHAT I, WE WE SAW ON THE MESSAGE BOARD.
AND MAYOR PRO TEM IS THAT, IS THERE ANYTHING ELSE THAT YOU WANNA SPEAK TO WHAT YOU HAD PROPOSED ON THE MESSAGE BOARD AND AS IT RELATES TO WHAT'S BEEN INCORPORATED ON VERSION TWO? NO, I THINK THAT THAT INCORPORATES JUST ABOUT EVERYTHING.
THAT, UH, I WAS, UH, SUGGESTING, UH, HONESTLY, SOME OF IT WITH BETTER LANGUAGE, UH, THE PRIORITIES.
I THINK THE WAY THAT THOSE ARE LAID OUT, THE PRIORITIES, I, I THINK THAT'S A, A GOOD WAY TO, UH, UH, TO EXPRESS IT.
UH, AGAIN, I I I, I FEEL LIKE WE CAN GET TO A RESOLUTION ON THE KIND OF THE TWO YEAR AND THE EXCEPTION AND, AND THOSE KINDS OF THINGS LIKE THAT.
UH, BUT, UH, BUT I, I THINK LARGELY THIS DOES INCORPORATE THE, THE, THE SUGGESTIONS THAT, UH, THAT I HAD YESTERDAY.
AND, AND AGAIN, WHAT I WOULD SUGGEST, UM, IS THAT WHEN WE, WHEN IF, IF WE'RE READY FOR A MOTION, WHEN WE TAKE THE MOTION, WHEN I TAKE THE MOTION, THE MOTION WOULD BE THAT THE
[00:35:01]
UPPER, THE, THE RECTANGULAR BOX IN THE UPPER RIGHT HAND CORNER THAT CURRENTLY TALKS ABOUT THE TWO YEARS THAT THAT BE CHANGED, FOR THE MOTION TO GO TO THE FULL COUNSEL TO ASK THE QUESTION, IS THIS CONSISTENT WITH POLICY RELATED TO THE NUMBER OF YEARS OR SUBSTANTIAL COMPLETION OF ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED? AND THAT WAY IT LEAVES US THE FLEXIBILITY.NOW, IF WE DON'T CHANGE THE TWO YEAR POLICY, IT WOULD BE, IT, IT WOULD BE CONSISTENT.
IT, IT'D BASICALLY BE THE SAME THING AS IT'S WORDED NOW, BUT IT WOULD GIVE US, AS A COUNCIL THE OPPORTUNITY TO COME BACK, UH, BY THE FEBRUARY 26TH MEETING AND WITH RELIANCE, TOTAL RELIANCE UPON THE PROFESSIONAL FINANCIAL STAFF TO BRING US SOME LANGUAGE WITH REGARD TO THAT, THAT TWO YEAR OR SUBSTANTIAL COMPLETION POLICY.
AND WE MIGHT NOT EVEN NEED TO CHANGE THE LANGUAGE, UH, OF, OF THE DECISION FRAMEWORK, THE DECISION TREE, BECAUSE WE WILL HAVE A DIFFERENT POLICY.
WOULD YOU MIND READING THAT ONE MORE TIME? SURE.
UM, AND LET'S HOPE THAT I KEEP SAYING IT THE SAME WAY.
UH, IS THIS CONSISTENT WITH POLICY RELATED TO THE NUMBER OF YEARS OR SUBSTANTIAL COMPLETION OF ESTIMATE VA ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED? AND BY THE WAY, THERE MAY BE BETTER LANGUAGE IF I HAVE MORE TIME TO THINK ABOUT IT THAN THAT IS, AND, AND WE'LL, WE'LL WORK ON THAT BETWEEN NOW AND THE 26TH AS WELL.
IS THIS CONSISTENT WITH POLICY RELATED TO THE NUMBER OF YEARS OR SUBSTANTIAL COMPLETION OF ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED? THANK YOU, UHHUH.
OTHER COMMENTS OR DISCUSSION? OKAY, MAYOR, ASSUMING THE, I I, I, SORRY FOR NOT BEING THERE, BUT ASSUMING THAT WE'RE, WE'RE KIND OF ROUNDING OUT THE DISCUSSION, I WOULD, UH, MAKE A MOTION, UH, TO, UH, FORWARD THE VERSION TWO WITH THE LANGUAGE THAT YOU JUST READ TO THE FULL COUNCIL FOR CONSIDERATION.
UH, AND AGAIN, LIKE YOU JUST SAID, THAT GIVES US A FEW WEEKS TO KIND OF FINALIZE THIS AND GET IT JUST THE WAY WE WANT IT.
UM, THE MAYOR PRO TIM MOVES THAT THE AUDIT AND FINANCE COMMITTEE RECOMMEND, UH, VERSION TWO OF THE DECISION TREE TO THE FULL COUNSEL WITH THE RECTANGULAR, UH, THE RECTANGLE IN THE UPPER PART, UH, UPPER RIGHT HAND PART THAT CURRENTLY REFERS TO TWO YEARS OR FEWER, IT WILL READ IS THIS CONSISTENT WITH POLICY RELATED TO THE NUMBER OF YEARS OR SUBSTANTIAL COMPLETION OF ESTIMATED VOTER APPROVED BONDS REMAINING TO BE ISSUED IS SECOND BY COUNCIL MEMBER ALTER, UH, ANY FURTHER DISCUSSION? YES.
UM, SO I THINK THIS IS GREAT AND I APPRECIATE YOUR LEADERSHIP ON THIS MAYOR, AND GIVING US A FRAMEWORK SO THAT COUNCIL IS MORE THOUGHTFUL AND DELIBERATE IN OUR CONSIDERATIONS OF POTENTIAL BOND PROPOSALS THAT WE PUT FORWARD TO THE COMMUNITY.
I DO WANNA SPEAK TO THE FACT THAT WE HAVE A CURRENT BOND ADVISORY TASK FORCE THAT'S MEETING AND PROVIDING RECOMMENDATIONS.
AND I JUST WANNA MAKE SURE I'M REALLY CLEAR ON THE PROCESS AND TIMELINE OF THIS PARTICULAR FRAMEWORK.
SO THIS GOES BEFORE, SHOULD THIS PASS MOMENTARILY? IT'LL GO BEFORE COUNSEL ON FEBRUARY 26TH? YES.
COUNSEL WILL VOTE HOPEFULLY TO APPROVE IT.
AND DOES THAT, AT WHAT POINT DOES THE COUNCIL ACTUALLY IMPLEMENT THIS DECISION TREE AND MAKE OUR CONSIDERATION WHETHER OR NOT WE MOVE FORWARD WITH THE 2026 BOND? AND I WANNA ASK THAT BECAUSE I KNOW THAT WE CURRENTLY HAVE A BOND ADVISORY COMMITTEE THAT'S MAKING RECOMMENDATIONS FOR THIS YEAR.
UM, I'LL, I'LL, I'LL BE DEFERENTIAL TO, UM, MR. VINO AND OTHERS, BUT THE WAY I WOULD SEE THIS WORKING OUT IS THEN THAT THEY WILL KNOW, THE TASK FORCE WILL KNOW THE FRAMEWORK WE'RE GOING TO USE ONCE THEY MAKE RECOMMENDATIONS TO US ABOUT WHERE WE OUGHT TO, WHAT, WHAT THEY'RE RECOMMENDING WE OUGHT TO HAVE, I THINK THAT WILL HELP GUIDE THEM AS WELL.
BUT ULTIMATELY, WHEN THE RECOMMENDATIONS COME FROM THEM, WE WILL WORK THROUGH, WE, THE COUNCIL WILL WORK THROUGH THIS FRAMEWORK, THIS DECISION TREE AS WE, UM, DECIDE WHETHER, HOW MUCH AND WHAT.
I THINK THERE MAY BE ANOTHER ONE IN THERE, BUT AT LEAST THOSE THREE THINGS, UM, ONCE THOSE RECOMMENDATIONS ARE MADE BY THE TASK FORCE.
SO A TIMELINE FOR THIS COULD POTENTIALLY BE, I MEAN, THE COMMITTEE WILL GIVE US RECOMMENDATIONS IN MAY FROM MY UNDERSTANDING, AND THEN
[00:40:01]
WE HAVE TO CALL ON ELECTION IF WE DO DECIDE BY AUGUST.SO REALLY WE HAVE IN THAT JUNE, THAT'S RIGHT.
JULY TIMEFRAME TO ACTUALLY MAKE THE DECISION.
MR. VINO, DO YOU DISAGREE WITH ANY OF THAT? NO, THAT'S THE TIMELINE.
COUNCIL MEMBER ALTER AND THEN COUNCIL MEMBER UCHIN, UH, I JUST HAVE A COMMENT THAT'S, UH, SLIGHTLY ADJACENT TO THE TREE, BUT SOMETHING I WANT IS JUST TO THINK ABOUT, AND THAT IS, THIS IS ALL ABOUT VOTER APPROVED DEBT, BUT WE HAVE OFTEN MAKE VERY LARGE DECISIONS AROUND CERTIFICATES, ALLEGATION, OR, UH, KOS AND I, AND, AND THAT HAS A, A HUGE IMPACT ON THIS DECISION, RIGHT? HOW MUCH MONEY WE HAVE AVAILABLE, WHAT THE, WHAT THE TAXPAYER IMPACT IS AND ALL THAT.
SO I WOULD LIKE FOR US TO, IN A FUTURE DISCUSSION, REALLY LOOK HOLISTICALLY, NOT ONLY AT OUR BOND PROCESS, BUT WHERE CERTIFICATES OF ALLEGATION FIT IN BOTH IN THAT PROCESS AND OUTSIDE OF THAT PROCESS, UH, AS WE'RE JUST THINKING ABOUT THE IMPACTS TO TAXPAYERS AND OUR ABILITY TO DO THESE TYPES OF PROJECTS THAT THESE, UH, THAT WE'RE TALKING ABOUT TODAY.
COUNCILLOR UCHIN, THIS IS, THANK YOU, MAYOR.
THIS IS PURELY SPECULATIVE, BUT I'M JUST CURIOUS IF WE'RE, IF THIS IS REALLY IN TIME TO CREATE A, A VERY CLEAR DELINEATION BETWEEN THE OPERATING DOLLARS, THE IP DOLLARS, OR WHETHER THAT FOR OUR CONVERSATION ON THE AUDIT EARLIER, THAT THERE'S ANY LIKELIHOOD THAT WE'RE GONNA GET SOME INFORMATION BACK FROM THAT, THAT WOULD ALSO CHANGE OUR OUTLOOK ON CIP DOLLARS AS WELL.
I'M NOT SURE I UNDERSTAND THE QUESTION.
SAY, SAY THAT AGAIN? I'M WONDERING IF IN THE COURSE OF, AND WE DON'T KNOW WHAT SORT OF INFORMATION RECOMMENDATIONS WE'LL GET BACK FROM THE AUDIT PROCESS, RIGHT? BUT IF SOME OF THAT MAY INFLUENCE EVEN THE DECISION TREE THAT WE MIGHT MAKE HERE BASED ON NATURE OF THAT INFORMATION, OR IF IT'S STRICTLY OPERATING DOLLARS, THAT IS GONNA BE THE LINE SHARE BY FOCUS FROM THE AUDIT PROCESS.
I'M, I'M JUST WONDERING WHETHER YOU THINK THAT, THAT WE MIGHT HAVE TO REVISIT THIS AFTER GETTING SOME INFORMATION BACK, DEPENDING WHAT THOSE WELL, UM, CERTAINLY WE WOULD, IT ENDS UP, IF THERE IS SOMETHING THAT COMES OUT OF ALL THAT IN THAT, IN THE TIMEFRAME THAT WE JUST HAD AN ANSWER TO COUNCIL MEMBER FUENTES QUESTION, THEN IT HELPS INFORM THE, THE ANSWERS TO THESE, THESE VARIOUS QUESTIONS.
I MEAN, WE, WE WOULD ALL BE SPECULATING ABOUT WHETHER OR NOT WE'LL HAVE THAT, BUT HOPE MATTERS.
THE MOTION HAS BEEN MADE AND SECONDED.
UM, WITHOUT FURTHER DISCUSSION, LET ME, UH, WITHOUT OBJECTION, THE COMMITTEE VOTES TO DO THAT, BUT I'M ALSO GOING TO, UH, COUNCIL MEMBER LANE, YOU HAVE PARTICIPATED FULLY IN THIS, AND WE, THE WHOLE COMMITTEE, I THINK JOINS ME IN APPRECIATING YOUR INVOLVEMENT IN THIS.
HOW, HOW WOULD, HOW WOULD YOU, LIKE, I MEAN, BY TECHNICALLY YOU DON'T HAVE A VOTE, BUT, BUT HOW I, I WANNA MAKE SURE I RECOGNIZE YOU SO THAT YOU GET AN OPPORTUNITY TO SAY SOMETHING BECAUSE, BECAUSE OF THE LEVEL OF PARTICIPATION AND CARE YOU'VE PUT INTO THIS.
UH, UH, I FEEL QUITE WELCOME ON THE COMMITTEE AND I, I CERTAINLY SUPPORT THE VOTES OF, UH, THE MEMBERS WHO ARE HERE, UM, AND JUST LOOK FORWARD TO CONTINUING TO PARTICIPATE.
THAT TAKE THAT? GOOD, GOOD WORK, EVERYBODY.
UM, I THINK THAT'S THE WAY THIS IS SUPPOSED TO OPERATE.
UH, SO THANK YOU VERY MUCH FOR THAT.
[3. Briefing on status of remaining General Obligation bond funds.]
ITEM NUMBER THREE, WHICH IS A BRIEFING ON THE STATUS OF REMAINING GEO BOND FUNDS.I'M ERIC BAILEY, THE DEPUTY DIRECTOR OF CAPITAL DELIVERY SERVICES.
AND, UM, YOU KNOW, APPRECIATE THE OPPORTUNITY TO, TO BE HERE WITH YOU TODAY, UH, TO SHARE INFORMATION ON WHERE WE'RE AT WITH THE 2016 THROUGH 2022, UH, BOND PROGRAM.
UH, WE'RE GONNA SPLIT THE PRESENTATION HERE A LITTLE BIT.
I'M GONNA TALK ABOUT THE PAST BOND STUFF, AND KIM'S GONNA TALK A LITTLE BIT ABOUT CERTIFICATES OF OBLIGATION AND SOME OF THE OTHER, UH, FUNDING, UH, MECHANISMS THAT WE HAVE.
UM, WE'LL GO OVER THE OVERALL REMAINING, UH, GENERAL OBLIGATION BONDS.
UH, THE BALANCES, UH, IN THE DATA THAT WE'RE GONNA SHOW ARE THE FISCAL 26TH QUARTER ONE CLOSE, WHICH IS DECEMBER 31ST, UH, FOR 12 16, 18 20
[00:45:01]
AND 22.AND THEN KIM'S GONNA TALK A LITTLE BIT ABOUT THE, THE CERTIFICATES OF OBLIGATION AND THE OTHER CONTRACTUAL OBLIGATIONS AS WELL AS A BOND SALE AND OPTIONS THAT ARE AVAILABLE FOR REALLOCATION AND OR DEAUTHORIZATION FROM A, A GENERAL LEGAL STANDPOINT.
SO BEFORE I GET REALLY STARTED INTO THIS, I WANT TO, UM, YOU KNOW, GO FROM AN OVERALL, UH, ASPECT FOR THE 2012 THROUGH 2022 BONDS.
THESE INVESTMENTS INCLUDE A TOTAL APPROPRIATION OF $2.45 BILLION AND REPRESENT OVER 1200 INDIVIDUAL PROJECTS.
AND THOSE RANGE FROM SIMPLE CROSSWALK INSTALLATIONS TO LARGE SCALE ENGINEERING PRO PROJECTS AND AFFORDABLE HOUSING INVESTMENTS.
OF THAT 2.4 5000000001.5 BILLION IS SPENT, AND THAT REPRESENTS ALL PAYMENTS IN THE PROGRAM.
THOSE GO TO CONSTRUCTION CONTRACTORS, ENGINEERS, ARCHITECTS, AND FOR REAL ESTATE ACQUISITION.
SO ON THE UPCOMING SLIDES, YOU'LL SEE, UM, EXPENSES SHOWN HERE IN GREEN, WHICH REPRESENT DOLLARS OUT THE DOOR.
UH, AND THESE ARE FOR DESIGN CONSULTANT WORK, CONSTRUCTION CONTRACTS.
UM, EVERYTHING THAT WE'VE SPENT ON THE BOND PROJECTS, THESE ARE A GREAT MEASURE OF THE COMPLETED WORK FOR THE, UM, PAST BOND PROGRAMS. AND IN THOSE PROGRAMS, WE'VE COMPLETED OVER 700 PROJECTS REPRESENTING AN INVESTMENT OF $865 MILLION WITH AN ADDITIONAL 134 PROJECTS THAT ARE CURRENTLY IN CONSTRUCTION.
VALUE OF THOSE PROJECTS IS $444 MILLION, YOU'LL SEE ON THE SLIDES OF THIS OBLIGATION IN DARK BLUE.
AND THAT'S A KEY METRIC THAT WE USE HERE AT CDS TO MONITOR THE MONEY THAT'S UNDER CONTRACT.
UH, THESE DOLLARS ARE ENCUMBERED IN A CONTRACT THAT'S BEEN AUTHORIZED BY THE COUNCIL THAT THE CITY HAS YET TO SPEND.
SO IN THE CASE OF THE BOND PROGRAM OBLIGATION MOSTLY REFERS TO LARGE CONSTRUCTION CONTRACTS WHERE THE CITY'S ENTERED INTO THE AGREEMENT WITH THE CONTRACTOR TO BUILD THE PROJECT.
IT'S CURRENTLY UNDERWAY AND PROGRESSING, BUT IT'S NOT COMPLETE YET.
THEN FINALLY, WHEN WE TALK ABOUT BALANCE, WHICH IS SHOWN IN LIGHT BLUE, THESE AMOUNTS ARE NOT JUST FLOATING OUT THERE FREE FOR USE.
UH, NEARLY 100% OF THE BOND PROGRAMS HAVE IDENTIFIED FUTURE SPENDING FOR THAT BALANCED MONEY.
UH, PROJECT MANAGERS IN OUR DEPARTMENT AND THE OTHER DEPARTMENTS THAT DELIVER CIP CREATE A SPENDING PLAN IN E CAPRI FOR EACH PROJECT THAT DETAILS HOW MUCH MONEY IS GOING TO BE SPENT AND WHEN THE DATA SHOWN ON THE SPENDING PLAN LINE AND SOME OF THE BACKUP DOCUMENTATION INCLUDED AT THIS PRESENTATION.
AND THAT BALANCE NUMBER IS FUNDING THAT'S NOT CURRENTLY SPENT OR UNDER CONTRACT, BUT THE PROJECT TEAM HAS A PLAN TO SPEND THESE FUNDS IN THE COMING YEARS AS THE PROJECT MOVES THROUGH DESIGN PROCESS INTO CONSTRUCTION.
HISTORICALLY, THE CITY DOESN'T MOVE FORWARD WITH PROJECT DESIGNS WITHOUT FUNDING THAT'S BEEN IDENTIFIED FOR THE CONSTRUCTION COSTS.
WHEN WE MOVE FORWARD WITH SEVERAL BOND ELECTIONS AND QUICK SUCE SUCCESSION, IT PUT A FINANCIAL STRAIN ON THE CITY THAT WE'RE CURRENTLY DEALING WITH AS IT RELATES TO OUR EXISTING FINANCIAL COMMITMENTS AND THE ALIGNMENT OF THOSE COMMITMENTS WITH THE NEEDS OF THE COMMUNITY, THE HIS IN THE HISTORIC BOND PROGRAMS. ONE OF THE MAJOR ISSUES, UH, WAS THAT THE PROJECTS WERE NOT FULLY DEVELOPED PRIOR TO THE BOND ELECTION.
FOR EXAMPLE, WITH THE 2016 BOND CORRIDOR CORRIDOR PROGRAM, THE PROJECTS WERE THE CONCEPT LEVEL.
WHEN WE WENT TO THE VOTERS AND THEY HADN'T BEEN FULLY VETTED, THE PRELIMINARY WORK WAS NOT COMPLETE AND IT CAUSED EXTENSIVE DELAYS IN THE PROGRAM.
AS MANY CHALLENGES WERE ADDRESSED, THE SCOPES WERE CLARIFIED, REALISTIC BUDGETS AND SCHEDULES WERE DEVELOPED, AND PROJECTS WERE COORDINATED FOR CONSTRUCTION.
AS THE PROGRAM MOVED THROUGH THE DESIGN PROCESS, THE PROPER PLANNING AND EVALUATION OF BOND PROJECTS IS ONE OF THE REASONS THAT CDS WAS CREATED.
GUIDING THE BOND DEVELOPMENT THROUGH TO MAKE SURE THE PROJECTS ARE READY TO BE EVALUATED BY COUNCIL AND THE VOTERS, AND ENSURE THAT THE SCOPE SCHEDULES AND BUDGETS ARE ACCURATE AND THAT WE CAN DELIVER ON THAT SIX YEAR, UH, GENERAL OBLIGATION BOND INTERVAL.
SO I'M GONNA BRAG A LITTLE BIT ABOUT CDS.
IN THE PAST TWO YEARS, WE'VE CONTRACTED OVER $500 MILLION IN GEO BOND FUNDS AND IN THE LAST YEAR ALONE, WE'VE SPENT OVER $200 MILLION IN BOND FUNDED CIP DESIGN AND CONSTRUCTION CONTRACTS.
RIGHT NOW, WE'RE CURRENTLY EXPERIENCING A LARGE INCREASE IN CONSTRUCTION CONTRACT BIDDING, CONTRACT AWARD, AND PROJECT COMPLETIONS.
SO THE REMAINING FUND BALANCES THAT WE HAVE LEFT IN THE PRESENTATION ARE CONCENTRATED IN A FEW PROJECTS IN EACH BOND YEAR.
THERE'S ABOUT 20 PROJECTS THAT ACCOUNT FOR 60% OF THE NON HOUSING BOND BALANCE, AND WE'VE HIGHLIGHTED THOSE IN THE PRESENTATION HERE.
IN ADDITION TO THE MAIN SLIDES THAT WE SHOW.
WE'VE ALSO INCLUDED MORE DETAILED BACKUP THAT HAS IN DATA ON INDIVIDUAL PROPOSITIONS AND PROGRAMS SHOWING SPENDING AND OBLIGATION OVER TIME.
AND THE DATA, AS I MENTIONED BEFORE, THE DATA IN THESE MAIN SLIDES IS BASED ON THE 26, UH, QUARTER ONE RESULTS.
UH, AND THE BACKUP INFORMATION INCLUDES UP TO DATE DATA THROUGH THE END OF JANUARY AS WELL.
SO FOR THE 2012 BOND, UH, THAT BOND IS 97% SPENT WITH AN ADDITIONAL $3.7 MILLION IN CONTRACTUAL ENCUMBRANCES.
THE TWO PRIMARY REMAINING PROJECTS HERE ARE THE EAST 51ST STREET REVITALIZATION, WHICH INCLUDES ROADWAY IMPROVEMENTS ON 51ST STREET FROM I 35 TO BERKMAN.
IT'S CURRENTLY IN THE 90% DESIGN PHASE, UM, THAT'S DUE IN MARCH AND CONSTRUCTION IS SCHEDULED TO START IN 2027.
[00:50:01]
TRANSPORTATION PUBLIC WORKS HAS IDENTIFIED ADDITIONAL FUNDING FOR THE CONSTRUCTION OF THIS PROJECT, AND THIS ONE'S EXPERIENCED DELAYS FOR SEVERAL REASONS.UH, CODE CHANGES RELATED TO THE ATLAS 14, UH, FLOOD MODEL, UH, REQUIREMENTS, AS WELL AS A DESIGN CONSULTANT THAT HAD TO BE TERMINATED FOR LACK OF PERFORMANCE.
SECOND ONE UP HERE IS THE WALLER CREEK DISTRICT, CONFLUENCE LINKED TO PALM PARK.
UH, THE A HUNDRED PERCENT DESIGN DRAWINGS ARE IN THE PERMITTING PROCESS.
NOW, AS YOU CAN IMAGINE, THIS PROJECT REQUIRES CONSIDERABLE COORDINATION WITH THE CONFLUENCE AND I 35 CAPITAL EXPRESS CENTRAL PROJECTS.
IT IS SCHEDULED TO BID IN 2026, SO FOR THE 2016 BOND PROGRAM OF THE 184 MILLION IMBALANCE, UH, 169 OF THAT IS IN THE CORRIDOR PROGRAM.
THE CORRIDOR PROGRAM CURRENTLY HAS 10 PROJECTS IN CONSTRUCTION WITH A VALUE OF $68 MILLION, AND THERE ARE SEVEN OTHER PROJECTS THAT ARE IN THE DESIGN PROCESS WITH A TOTAL COST OF $92 MILLION.
AND THE LAST TWO YEARS, THE CON THE CORRIDOR PROGRAM HAS CON CONTRACTED $133 MILLION IN SPENT OVER 60 MILLION AS IT MOVES INTO ITS PRIMARY CONSTRUCTION PHASE.
THERE ARE SEVERAL PROJECTS HERE THAT ARE ENDING THE NEAR IT NEARING THE END OF DESIGN AND MOVING TOWARDS BIDDEN AWARD IN 2026, INCLUDING SOUTH OF MAR BOULEVARD FROM BARTON SPRINGS TO IH 71 ESTIMATED BOND COST OF $36 MILLION EAST MLK FROM 180 3 TO DECKER LANE, THE ESTIMATED COST OF 7 MILLION NORTH LAMAR FROM RUN BROOK TO PALMER AT 13 MILLION.
AND WE HAVE ACTUALLY A RECENTLY AWARDED CONSTRUCTION CONTRACT FOR BURNETT ROAD FROM BRIGHT VERDE TO MOPAC AT 28 MILLION.
IN THIS, THESE NUMBERS HERE, THERE'S ALSO A $16 MILLION CONTINGENCY ACCOUNT.
THAT IS THEREFORE, UM, IF BOND PRICES COME OR THE BID PRICES COME BACK HIGHER THAN EXPECTED, THAT MONEY IS PLANNED TO BE USED FOR CONSTRUCTION ON SMALLER PROGRAMMATIC PROJECTS ON THE CORRIDORS IF THAT RISK DOESN'T MATERIALIZE.
ANOTHER SUBSET OF THE 2016 BOND IS THE REGIONAL IMPROVEMENTS.
UH, THERE'S A REMAINING BALANCE OF 14.2 MILLION HERE.
IT'S PRIMARILY IN THE LAKELINE BOULEVARD, IMPROVEMENTS FROM LYNDHURST TO PALMER FOR 8.2 MILLION.
THAT PROJECT IS AT 90% DESIGN AND THE WEST RUNDBERG LANE EXTENSION FROM BURNETT TO METRIC FOR THREE POINT A HALF MILLION.
THAT PROJECT OBTAINED A CAMPO GRANT AND IS CURRENTLY AT 60% DESIGN.
FINALLY, THE LOCAL MOBILITY PROGRAMS AND LOCAL MOBILITY IS COMPOSED OF THINGS LIKE SAFE ROUTES TO SCHOOL, BIKEWAYS SIDEWALKS, VISION ZERO.
SOME STANDARD STREETS HAVE 1.1 MILLION REMAINING AND ARE AT 99% OBLIGATED FOR THE 2018.
BONDS ARE SEVERAL PROPOSITIONS THAT ARE 95% OR GREATER OBLIGATED.
THOSE INCLUDE THE AFFORDABLE HOUSING, FLOOD MITIGATION AND OPEN SPACE HEALTH AND HUMAN SERVICES AND PUBLIC SAFETY PROPOSITIONS.
PROPOSITIONS, BC AND G MAKE UP 98% OF THE REMAINING BALANCE FOR THE ENTIRE PROGRAM.
PROJECTS THAT ARE INCLUDED IN PROP B ARE THE DOHERTY ARTS CENTER AT 22.3 MILLION.
THE MEX CARTE MUSEUM AT 14.7 MILLION.
AND THE ASIAN AMERICAN RESOURCE CENTER, PHASE TWO AT 4.6, DOHERTY AND MEX CARTE ARE BOTH IN THE DESIGN PROCESS AND A A RC IS ENTERING THE CONSTRUCTION PHASE.
THE REMAINING FUNDING IN PROP C, UH, IS IN THREE PRIMARY CATEGORIES.
UH, PARKLAND IMPROVEMENTS AT 9.8 MILLION, BUILDING RENOVATIONS AT 6.2 AND PARKLAND, LAND ACQUISITION AT 4.9.
AND THEN FINALLY, THE REST OF PROP G UH, HAS THE ONE REMAINING PROJECT FROM THE TRANSPORTATION PROPOSITION FOR THE RED BUD TRAIL BRIDGE OVER LADY BIRD LAKE AT 36.1 MILLION.
THAT'S UNDERGOING A DESIGN EVALUATION TO ALIGN THE PROJECT SCOPE WITH THE FUNDING THAT'S AVAILABLE, UH, IN THAT PROPOSITION FOR THE 2020 BOND.
IT WAS A TRANSPORTATION ONLY BOND, UH, FOR $460 MILLION.
THE PROPOSITION INCLUDED SEVERAL CATEGORIES, UM, INCLUDING MAJOR CAPITAL IMPROVEMENTS, SIDEWALKS, URBAN TRAILS, VISION ZERO, SUBSTANDARD STREETS, BIKEWAYS, SAFE ROUTES TO SCHOOL, LOCAL TRANSIT AND NEIGHBORHOOD PARTNERING.
THERE'S SOME OBLI UNOBLIGATED FUNDS REMAINING IN ALL OF THESE CATEGORIES.
HOWEVER, MAJOR CAPITAL IMPROVEMENTS, SUBSTANDARD STREETS AND URBAN TRAILS REPRESENT THE BULK OF THOSE UNOBLIGATED FUNDS.
THE MAJOR CIP CATEGORY INCLUDES FUNDING FOR THE CONGRESS AVENUE URBAN DESIGN INITIATIVE FROM RIVERSIDE DRIVE TO 11TH STREET, THE BARTON SPRINGS ROAD BRIDGE, SOUTH PLEASANT VALLEY CORRIDOR IMPROVEMENTS AND THE LONGHORN DAM WISH WISH WISHBONE BRIDGE.
OF THESE PROJECTS, THERE'S $22 MILLION LEFT IN THE CONGRESS AVENUE PROJECT, WHICH HAS A PORTION, UH, ALREADY UNDER CONSTRUCTION AND THERE'S A $29 MILLION, UH, FUNDING RESOURCE ACCOUNT.
AGAIN, THAT'S A, UM, CONSTRUCTION CONTINGENCY ACCOUNT, AND THOSE HAVE YET TO BE DISTRIBUTED TO INDIVIDUAL PROJECTS.
IT'S IMPORTANT TO NOTE HERE THAT THE BARTON SPRINGS ROAD BRIDGE DOESN'T HAVE CONSTRUCTION FUNDING THAT'S CURRENTLY ALLOCATED TO THE SUB PROJECT, UM, WORKING ON ALLOCATING THE MATCHING FUNDS, UH, FROM A FEDERAL HIGHWAY ADMINISTRATION GRANT OF $32 MILLION THAT WAS RECEIVED BY TRANSPORTATION
[00:55:01]
AND PUBLIC WORKS.AND THEN FINALLY ON THE LONGHORN DAM WISHBONE BRIDGE, THAT PROJECT IS ACTUALLY SUBSTANTIALLY COMPLETE.
THERE'S A RIBBON CUTTING COMING UP THIS WEEK.
AND SO, UM, THAT'S A GREAT EXAMPLE OF A PROJECT THAT WAS WELL, UH, DESIGNED AND THOUGHT OUT BEFORE THE, THE BOND ELECTION AND WAS ABLE TO BE COMPLETED, UM, WITHIN A SIX YEAR TIMEFRAME.
SO WE'RE TALKING ABOUT THE SUBSTANDARD STREETS CATEGORY.
UH, JOHNNY MORRIS ROAD AT 5.6 MILLION, WHICH IS AT THE 90% DESIGN PHASE AND MOVING THROUGH PERMITTING.
AND THE OTHER SUBSTANDARD STREET IS ROSS ROAD NORTH AT 4 MILLION, WHICH IS CURRENTLY IN CONSTRUCTION.
THE URBAN TRAILS CATEGORY INCLUDES FUNDING FOR THE SHOAL CREEK TRAIL, BERGSTROM SPUR, WEST, BERGSTROM SPUR EAST, AS WELL AS A RESOURCE ACCOUNT TO BE USED AS CONTINGENCY FOR SEVERAL OTHER PROJECTS THAT ARE BEING DELIVERED WITH THIS FUNDING.
ALL THESE URBAN TRAIL PROJECTS ARE MOVING THROUGH THE DESIGN PROCESS AND SCHEDULED TO START CONSTRUCTION IN LATE 2026 OR EARLY 2027.
I KNOW THAT'S A LOT OF INFORMATION AND GO THROUGH REALLY QUICKLY, BUT AGAIN, I'D LIKE TO SAY THAT, UM, THERE'S ADDITIONAL BACKUP BEHIND THE PRESENTATION WHERE THERE'S MORE DETAILS ABOUT THE INDIVIDUAL, UH, PROGRAMS AND SPENDING.
AND WITH THAT, I'M GONNA TURN IT OVER TO KIM, UH, TO DISCUSS THE COS AND OTHER FUNDING MECHANISMS. OH, I'M SORRY, I GOT HOUSING
SO HOUSING IS A LITTLE BIT DIFFERENT THAN THE OTHER.
UM, BOND FUNDING PROJECTS IN THAT THE CITY CONTRIBUTES TO DEVELOPERS TO, UM, ES ESTABLISH LOW INCOME HOUSING THAT'S, UH, RESTRICTED FOR THAT USE.
AND SO THERE'S NOT THE INCREMENTAL SPENDING AND OBLIGATION, UH, AS YOU MOVE FORWARD.
THE 2022 BOND, UM, HAS AFFORDABLE HOUSING FOR RENTAL HOUSING OWNERSHIP, HOME REPAIR, AND LAND ACQUISITION.
AND THE MONEY THAT'S IN THERE CAN BE USED FOR ANY OF THOSE PURPOSES.
IN TALKING WITH, UM, OUR FOLKS IN HOUSING, UH, THE ORIGINAL PLAN WAS TO HAVE THAT FULLY SPENT BY THE END OF 2027.
HOWEVER, BECAUSE OF THE PENDING DISCUSSION THAT WE'RE HAVING RELATED TO THE BOND PROGRAM, THEY'RE ABLE TO STRETCH OR CONTRACT THAT FUNDING DEPENDING ON WHAT THE NEEDS MAY BE.
AND WITH THAT, I'LL HAND IT OVER TO KIM.
I JUST WANNA ASK THE QUESTION ON HOUSING 'CAUSE THIS, UM, IS TOP OF MIND FOR ME.
SO THE 166 MILLION THAT SHOWS AS A BALANCE STAFF HAS IDENTIFIED USES FOR ALL OF THOSE DOLLARS.
AT THIS POINT, I'M GONNA PHONE A FRIEND.
I AM NICOLE JOCELYN, I'M THE HOUSING AND COMMUNITY DEVELOPMENT OFFICER FOR THE HOUSING DEPARTMENT.
WE HAVE, UM, FOR THE $166 MILLION BALANCE, WE HAVE A PORTION OF THOSE FUNDS THAT HAVE BEEN AWARDED TO PROJECTS BUT HAVE NOT CLOSED ON THEIR FINANCING.
SO SOME OF THOSE PROJECTS JUST DUE TO REGULAR MARKET FORCES MAY NOT GET TO CLOSING.
SO WE WOULD BE ABLE TO REALLOCATE THOSE FUNDS TO OTHER PROJECTS.
AND THEN WE HAVE A PORTION OF THOSE FUNDS THAT HAVE NOT YET BEEN AWARDED.
SO WE WOULD BE ABLE TO STRETCH THE FUNDS THAT WE HAVE NOT YET AWARDED IN THIS FISCAL YEAR, AND THEN THE NEXT FISCAL YEAR OVER THE NEXT THREE YEARS, AND BE ABLE TO TAKE BACK SOME OF THE FUNDS FOR PROJECTS THAT WON'T BE CLOSING AND ALLOCATE TO THOSE, TO OTHER PROJECTS.
ABOUT HOW MUCH DO YOU DO? WE HAVE THAT HAVE NOT BEEN AWARDED YET.
SO WE HAVE 180 MILLION THAT HAVE BEEN COMMITTED.
AND 166 MILLION THAT HAVE NOT REMAINS UNCOMMITTED.
SO, 166 MILLION HAVE NOT BEEN COMMITTED TO PROJECTS.
SO ESSENTIALLY THE BALANCE THAT'S LEFT FOR HOUSING IS UNCOMMITTED, IS UNCOMMITTED AT THIS POINT, AND STAFF HAS NOT IDENTIFIED USES FOR THEM.
WE DO HAVE PROJECTS THAT ARE IN A FUNDING ROUND RIGHT NOW FOR OUR HOUSING DEVELOPMENT ASSISTANCE PROGRAM THAT WE'RE CONSIDERING RIGHT NOW.
SO WE HAVE ABOUT $30 MILLION, I BELIEVE, IN GAP FINANCING ASSISTANCE REQUESTED.
AND THEN WE HAVE A PORTFOLIO OF VACANT LAND THAT WE WILL NEED GAP FINANCING FOR TO DEVELOP.
SO I BELIEVE WE ISSUED A MEMO ABOUT TWO WEEKS AGO.
THE THREE PROJECTS THAT WE ARE GOING TO BE MOVING FORWARD WITH SOLICITATIONS ON HAVE ABOUT $50 MILLION OF GAP FINANCING.
BUT THE PROJECTS THAT WILL BE FUNDED WITH THOSE FUNDS GO THROUGH OUR NORMAL HOUSING DEVELOPMENT ASSISTANCE APPLICATION CYCLE, WHICH WE HAVE MOVED TO, UH, TWICE A YEAR APPLICATION CYCLE.
AND IF I COULD JUST BUILD A LITTLE BIT ON WHAT NICOLE IS SAYING, MANDY DE MAYO, DEPUTY DIRECTOR OF THE HOUSING DEPARTMENT, WE HAVE PROGRAMMED ALL THE DOLLARS, 350 MILLION.
WE ORIGINALLY PROGRAMMED THEM INTO THESE FOUR DIFFERENT MAJOR PROGRAMS, RENTAL HOUSING OWNERSHIP, HOME REPAIR, AND LAND ACQUISITION OVER A FIVE YEAR SPEND PLAN.
SO AS ERIC MENTIONED, UH, THAT WOULD HAVE US FINISHING UP AN FY 27.
HOWEVER, BECAUSE OF THESE CONVERSATIONS
[01:00:01]
RATHER THAN A FIVE YEAR SPEND PLAN, WE'RE LOOKING AT A SIX YEAR SPEND PLAN TO TAKE US THROUGH FY 28.SO WE WOULD JUST, IN THE COMING THREE YEARS, REPROGRAM THOSE DOLLARS IN ORDER TO, UM, UH, FIT THE PROPOSED SIX YEAR SPEND PLAN.
BUT WE ALREADY, OUR BUDGET INTERNALLY ACCOMMODATES ALL FOUR PROGRAMS. FOR EXAMPLE, HOME REPAIR IS A FIVE YEAR CONTRACT WITH NONPROFIT ORGANIZATIONS THAT WE DO FIVE YEARS EVERY YEAR.
THAT IS EXTENDED OVER FIVE YEARS.
IN THIS CASE, WE WOULD BE EXTENDING IT OVER SIX YEARS AND THEN REPROGRAMMING IT INTERNALLY TO ACCOMMODATE THAT.
MAYOR, I'M SORRY, COULD I FOLLOW UP, RIGHT? SURE.
I I DIDN'T QUITE GET THE ANSWER TO, UH, COUNCIL MEMBER FUENTES QUESTION THOUGH OF, IN TERMS OF THAT BALANCE, HOW MUCH HAS BEEN COMMITTED AGAIN, AND I UNDERSTAND THAT THERE'S A NUMBER OF PROJECTS WHERE WE'VE ALREADY PROMISED THEM MONEY THAT, YOU KNOW, LET'S SAY 10%, 20%, WHATEVER, ARE NOT GONNA GO THROUGH.
AND SO WE'RE GONNA HAVE THAT AVAILABLE AGAIN.
AND THEN THERE'S ANOTHER CHUNK OF MONEY THAT, WHERE WE HAVEN'T PROMISED THAT TO ANYBODY, OR THAT'S, THAT'S JUST FREE AND OPEN.
WHAT ARE THOSE NUMBERS? AND, AND AGAIN, I KNOW THE PROJECTS THAT YOU CAN'T, YEAH, OBVIOUSLY YOU PREDICTS WHICH PROJECTS ARE NOT GONNA MOVE, BUT WHAT IS THE, THE AMOUNT THAT THAT'S PENDING THAT WE HAVE NOT PROMISED IT ANYTHING LIKE THAT? I BELIEVE I MISSPOKE EARLIER.
I THINK THE 166 MILLION IS UNCOMMITTED WITH THE CAVEAT, THE 166 MILLION, I APOLOGIZE.
THE 166 MILLION IS IN FACT TECHNICALLY UNCOMMITTED.
HOWEVER, AS NICOLE MENTIONED, YOU ALL RECEIVED, UH, A MEMO FROM OUR TEAM ABOUT THE A HFC, AUSTIN HOUSING FINANCE CORPORATION, OUR VACANT, UH, LAND UH, PRIORITIZATION.
WE HAVE PLANS BASED ON WHAT YOU RECEIVED IN THAT EMAIL.
I MEAN, IN THAT, UM, MEMO, WE HAVE PLANS TO PUT OUT SOLICITATIONS FOR THREE PARCELS IN THE COMING YEAR TO YEAR AND A HALF.
THAT WILL REQUIRE 50 UP TO $50 MILLION IN GAP FINANCING.
THAT UP TO 50 MILLION IS INCLUDED IN THAT 166 MILLION IN THE LIGHT BLUE.
SO THERE'S 166 MILLION THAT IS UNCOMMITTED.
BUT UP TO 50 MILLION OF THAT IS MONEY.
YOU KNOW WHERE YOU WANT TO SPEND IT.
AND THEN AN ADDITIONAL ABOUT 50 MILLION SHOULD BE AWARDED THROUGH OUR RDA AND ODA RENTAL HOUSING AND OWNERSHIP HOUSING, UM, COMPETITIVE APPLICATION CYCLES.
WE HAVE TWO CYCLES THIS FISCAL YEAR.
SO THEN WE SUBTRACT OUT THAT AS WELL.
SO THAT'S A SECOND OR SECOND AND THIRD BUCKET.
THAT'S ALSO PART OF THAT 166 OF UNCOMMITTED MONEY? THAT IS CORRECT.
SO BASED ON THAT UNCOMMITTED, THAT LIGHT BLUE LINE, THE 166 MILLION, WE HAVE INTERNALLY PROJECTED OUT HOW THOSE FUNDS WOULD BE SPENT THIS FISCAL YEAR AND NEXT YEAR'S FISCAL YEAR.
BASED ON THESE CONVERSATIONS WE'RE DOING.
WE'RE REPROGRAMMING BASED ON UPCOMING THREE FISCAL YEARS AND WE'RE ABLE TO DO THAT.
THAT'S THE BEST EXPLANATION I'VE GOT FOR THAT NUMBER.
MIGHT HAVE TO HAVE A, ALRIGHT.
UH, KIM LAVAR, DIRECTOR OF FINANCIAL SERVICES.
UH, SO IN MY LAST PRESENTATION TO AU FINANCE ON OUR UPDATED DEBT CAPACITY, UM, PROJECTIONS, I, I MADE IT CLEAR THEN, AND I WANNA STRESS THIS AGAIN TODAY, IS THAT WHEN IT COMES TO OUR DEBT CAPACITY AND OUR, WHEN WE REFER TO GEO BONDS, GEO BONDS ARE BONDS THAT ARE BACKED BY THE DE GENERAL OBLIGATION, FULL FAITH AND CREDIT OF THE TAXING AUTHORITY OF THE CITY OF AUSTIN.
SO THAT INCLUDES NOT ONLY VOTER APPROVED BONDS, BUT NON-VOTER APPROVED BONDS.
SO YOUR VOTER APPROVED BONDS THAT ERIC JUST APTLY, UM, DETAILED IS THE, ARE THE PUBLIC IMPROVEMENT BONDS VOTER APPROVED? AND THEN WE HAVE CERTIFICATES OF OBLIGATION AND, UH, PCOS CON CONTRACTUAL OBLIGATIONS, UH, THAT FILL OUT THE REMAINDER OF THAT GENERAL OBLIGATION CREDIT.
SO WITH OUR COS UH, THE RE REMAINING AUTHORIZED BUT ONIS ISSUE, UH, TOTALS JUST OVER $790 MILLION.
NOW, COS ARE SIMILAR TO THE PUBLIC IMPROVEMENT BONDS IN THAT THEY HAVE A 20 YEAR PAYBACK PERIOD.
UM, SO THE BIGGEST DIFFERENCE IS THAT, AGAIN, IT IS NON VOTER
[01:05:01]
APPROVED.SO I'VE BROKEN IT OUT INTO VARIOUS CATEGORIES HERE TO, UH, PROVIDE A LITTLE MORE DETAIL ON WHAT MAKES UP THAT 790 MILLION, UH, FIRST FACILITY RENOVATIONS, UH, THERE.
AND I WANNA NOTE ALSO THAT WITH THESE FACILITY RENOVATIONS AND THE NEW FACILITIES IN PARTICULAR, THESE ACQUISITIONS, THIS WORK, THESE PROJECTS WERE ALL PART OF A EXTENSIVE MULTI-YEAR, ACTUALLY DECADE PLUS EFFORT RELATIVE TO OUR FACILITIES PLANNING.
UM, AS WE'VE BEEN WORKING TO GET OURSELVES OUT OF LEASE SPACE.
UM, AND THEN WHEN THE OFFICE MARKET, UH, TOOK, HAD SOME SIGNIFICANT CHALLENGES, WE, WE LEAPT IN AND TOOK ADVANTAGE OF THAT TO BE ABLE TO SPEED UP OUR TRANSITION AWAY FROM LEASE SPACES, BUT ALSO ADDRESS EXISTING FACILITY CONDITIONS THAT IN MANY CASES OUR, UM, ACT VERY CONCERNING.
SO, UM, WITH OUR FACILITY RENOVATIONS, THERE'S ABOUT 30 MILLION RELATED TO CITYWIDE CAPITAL FACILITY REHAB THAT OUR FACILITIES MANAGEMENT DEPARTMENT, UM, LEADS.
WE ALSO HAVE EMS FIRE STATION RENOVATIONS, ABOUT 10 MILLION.
UH, TOWN LAKE CENTER WILL HAVE THE FINAL, UM, UH, LAST 50% ISSUANCE ON THAT.
WE'RE ACTUALLY, UM, ALMOST AT A SUBSTANTIAL COMPLETION ON THAT, UM, THAT RENOVATION.
AND WE'LL BE HAVING A, A STAFF MOVE INTO THAT BUILDING HERE JUST IN MONTH, IN JUST A FEW MO MONTHS.
UM, AND THEN FINALLY, VARIOUS PARKS FACILITY RENOVATIONS FROM OUR NEW FACILITIES THAT IS A MUCH MORE SIZABLE NUMBER, UH, THE NORTHEAST SERVICE CENTER THAT IS, UH, A PROJECT THAT HAS BEEN ON THE TO-DO LIST FOR YEARS.
AND IT WAS IN RECENT COUPLE YEARS THAT WE WERE FINALLY ABLE TO BRING THAT FORWARD AND REALLY ADDRESS SOME VERY SIGNIFICANT AND LONG NEEDED IMPROVEMENTS TO THE FACILITIES THAT OUR FLEET AND A RR UM, FOLKS ARE WORKING IN.
I ALSO WANNA NOTE OF THAT PROJECT, TOTAL PROJECT COST, WHICH IS AROUND 254 MILLION.
UM, THE 47% OF IT IS SELF-SUPPORTED BY, UH, DEBT SERVICE PAYMENTS COMING DIRECTLY FROM THE DEPARTMENTS, LIKE ENTERPRISE TYPE DEPARTMENTS.
SO THAT MEANS 53% OF IT IS HITTING AGAINST THE DEBT SERVICE TAX RATE.
I THINK THAT'S ALSO IMPORTANT FOR FOLKS TO UNDERSTAND WHEN IT COMES TO OUR GEO CREDITED RATING.
IT DOESN'T MEAN THAT EVERY BIT OF IT IS BEING PAID FOR FROM THE DEBT SERVICE PORTION OF THE TAX RATE.
THERE ARE SOME UNIQUE SITUATIONS IN WHICH THE DEBT IS ACTUALLY BEING PAID FOR WITHOUT, UH, PROPERTY TAX DOLLARS.
SO THIS IS ONE OF THOSE UNIQUE SITUATIONS AND IT IS A, AND I WANTED TO POINT IT OUT BECAUSE IT IS SUCH A SIZABLE PROJECT.
UM, ALSO OUR PUBLIC SAFETY CAMPUS, UH, THE ACQUISITION WE'RE ABLE TO MAKE FOR BOTH, UH, THE CAMPUS AND THEN THE PUBLIC SAFETY WAREHOUSE, THERE'S A HUNDRED MILLION LEFT TO ISSUE THERE.
UH, THERE WERE A SERIES OF NEW FIRE STATIONS THAT WERE, UM, BUILT THROUGHOUT THE CITY.
THERE'S ABOUT 16.7 MILLION LEFT THERE.
AND THEN THE UNIVERSITY PARK ACQUISITION, THERE'S ABOUT 6.8 MILLION LEFT THERE.
AND THAT FACILITY WAS ACQUIRED SO THAT WE CAN MOVE OUT OF ONE TEXAS CENTER AND, UM, BE, MAKE MUCH BETTER USE OF THAT SITE.
ALSO, A BUILDING THAT IS IN NOT THE BEST OF CONDITIONS, NOTHING
UH, SO NEXT UP, UH, IS, UH, LAND ACQUISITION.
THERE'S 50 MILLION, UM, SITTING IN THAT FUND.
HOWEVER, UH, ACQUISITIONS FROM THAT FUND ARE ACTIVELY HAPPENING, GOING THROUGH APPRAISALS AND THE SORT, UH, PARKS, TRANSPORTATION INFRASTRUCTURE.
THIS IS A, A, A LARGE SWATH OF PROJECTS, BUT, UH, WITH CAP AND STITCH THERE'S 104 MILLION.
SO THERE'S BOTH, UH, THAT INCLUDES BOTH A CEO AND THE SIB LOAN.
THE SIB LOAN, IT IS BASICALLY LIKE A PRIVATE PLACEMENT CO.
UM, SO IT'S, IT'S INCLUDED IN THERE.
THERE'S ALSO VARIOUS ROAD PROJECTS BREAKER, SAMSUNG LAKELINE, JANE LANE IN MEADOW CREEK FOR ABOUT 24 MILLION, UH, SIDEWALKS.
THERE'S 10 MILLION LONGHORN DAM, UH, THAT WE HAVE ABOUT 3 MILLION FOR SOME IMMEDIATE NEEDS, BUT WE ARE DEFINITELY HAVING SOME CONTINUED CONVERSATIONS ABOUT, UM, LONG-TERM AND PERMANENT SOLUTIONS FOR ADDRESSING THAT DAM'S CONDITION.
UM, AND THEN THERE'S A SMATTERING OF, OF DOLLARS AMONG SHADE STRUCTURES, TRAIL REPAIR AND A BRIDGE REPLACEMENT IN ROY GORO PARK.
UH, FINALLY THERE'S OUR TOURS AND RELATED INVESTMENTS.
SO, UM, COLONY PARK, THAT'S 121 MILLION.
THAT IS ALL COS BUT IT IS, IT IS SUPPORTED BY THE REVENUES GENERATED BY THATT, NOT THE DEBT SERVICE PORTION OF THE TAX RATE.
SIMILARLY WITH WALLER CREEK, THE VAST MAJORITY AT 77 MILLION IS SUPPORTED BYT REVENUE.
THERE ARE OTHERS, THERE'S A SMALL AMOUNT IN THERE THAT IS BEING SUPPORTED BY, UH, DONATIONS, UH, THAT THE WATERLOO GREENWAY IS SECURING AS WELL.
SO FOR CONTRACTUAL OBLIGATIONS, THIS IS A LITTLE BIT DIFFERENT THAN
[01:10:01]
YOUR PIBS AND YOUR COS 'CAUSE IT'S A MUCH SHORTER PAYBACK PERIOD BECAUSE, UH, CONTRACTUAL OBLIGATIONS IS FOR PERSONAL PROPERTY THAT IS MOVABLE.SO VEHICLES, EQUIPMENT, THINGS OF THAT NATURE.
UM, THERE WAS A TIME, AND THIS IS ONE OF THOSE I'M SHOWING, I'VE, I'M AN OLD LADY AROUND HERE.
THERE WAS A TIME MANY, MANY, MANY YEARS AGO WHEN WE ACTUALLY WOULD USE CASH SAVINGS FROM THE PRIOR FISCAL YEAR TO BE ABLE TO COVER THE COST OF VEHICLES AND EQUIPMENT LIKE THIS IN THE NEXT FISCAL YEAR.
UM, BUT OVER TIME, FOR A VARIETY OF REASONS, AND ALSO BECAUSE JUST THE PRICES OF VEHICLES HAS INCREASED SO SIGNIFICANTLY, WE HAVE SHIFTED TO THIS P-P-F-C-O, UH, STRUCTURE TO BUY THEM.
UH, SO THAT'S WHY YOU SEE 164 MILLION FOR VEHICLES AND EQUIPMENT, UH, NOTED ON, IN THE LATTER HALF OF THE SLIDE, BUT ALSO IN THE FIRST HALF STATE LAW CHANGED, UM, NOT TOO LONG AGO THAT ALLOWS FOR US TO UTILIZE THIS SHORTER TERM DEBT FOR TECHNOLOGY SOLUTIONS BECAUSE SIMILAR TO VEHICLES, TECHNOLOGY SOLUTIONS HAVE ALSO BECOME IN INCRE, INCREASINGLY EXPENSIVE.
SO BEING ABLE TO FINANCE THESE THINGS OVER A, EVEN A SHORT TIMEFRAME OF FIVE TO SEVEN YEARS IS, IS MUCH MORE IDEAL FOR, FOR THE CITY AND FOR THE TAXPAYERS.
UH, SO THAT HAS SUPPORTED THINGS LIKE OUR INVESTMENTS IN THE HUMAN CAPITAL MANAGEMENT SYSTEM, OUR FINANCIAL SYSTEM, UM, AND ALSO AMANDA FOR LICENSING AND PERMITTING.
UH, SO, AND THE OTHER BONUS WITH PCOS IS THAT YOUR, YOUR INTEREST RATE IS INCREDIBLY LOW, UM, BECAUSE IT IS SUCH A SHORT TERM DEBT.
SO IT'S, IT, IT'S NOT THAT MUCH MORE OF AN ADDITIONAL COST, UM, TOTAL, UH, TO BE ABLE TO COVER THOSE, THOSE, UH, PROJECTS.
AND FINALLY, I ALSO, OR NOT, FINALLY ONE OTHER THING WANTED TO NOTE, JUST TO KIND OF BE A REFRESHER OF LIKE, WHAT IS THE GENERAL TIME TIMELINE FOR A BOND SALE.
UH, SO WHEN, AND, AND THAT BOND SALE INCLUDES BOTH VOTER AND NON VOTER APPROVED DEBT.
SO IF A BOND PROGRAM IS APPROVED BY THE VOTERS, OR IF COUNCIL APPROVES A NON VOTER APPROVED DEBT, UM, THERE, THERE HAS TO BE AN ACTION THAT IS AUTHORIZING THAT DEBT, WHETHER IT'S THE VOTERS OR COUNCIL.
UM, THEN CITY COUNCIL ULTIMATELY APPROVES ALL THE PROJECT APPROPRIATIONS AND A CORRESPONDING REIMBURSEMENT RESOLUTION, WHICH IS A WONDERFUL TOOL THAT THE IRS GIVES US, WHERE WE ARE ABLE TO MAINTAIN THE TAX EXEMPT STATUS AND ISSUE THE DEBT AT A LATER DATE ON A REIMBURSEMENT BASIS.
SO WE ARE NOT BEGINNING TO PAY DEBT SERVICE ON DEBT THAT WE HAVEN'T ACTUALLY EVEN SPENT ON THE ASSOCIATED PROJECTS.
SO ONCE THE PROJECT HAS, UH, THE WORK IS COMPLETED, THE EXPENDITURES INCURRED, UM, AND PAYMENTS ARE MADE, WE THEN IN THAT FOLLOWING YEAR, WE'LL DO THIS BOND SALE TO REIMBURSE THE CITY FOR THOSE PAYMENTS.
UH, SO WE DO OUR GEO SALE BASICALLY EVERY AUGUST.
UH, SO THE TIMES WITH THE, THE NEW FISCAL YEAR, UM, AND THE CORRESPONDING DEBT SERVICE PAYMENTS.
SO THE BENEFITS OF UTILIZING THAT PROCESS, YOU'RE ABLE, WHEN YOU DO A SINGLE ISSUANCE PER YEAR, YOUR YOUR BOND ISSUANCE COSTS ARE, ARE, ARE MUCH BETTER BECAUSE IT'S, THERE ARE CERTAIN AMOUNTS THAT ARE, UM, THE, THE AMOUNT IS WHAT IT IS, UH, AND IT'S NOT RELATIVE TO THE SIZE OF THE ACTUAL SALE.
SO BY DOING IT ALL AT ONCE AND PAYING THOSE COSTS A SINGLE TIME, THAT CREATES A SAVINGS.
UH, ALSO WITH THE REIMBURSEMENT RESOLUTION PROCESS, UM, WE'RE ABLE TO AVOID UNNECESSARY INTEREST COST AND IT ALSO GIVES US SOME FLEXIBILITY IN THE ACTUAL SA SALES TIMING.
AND IT ALSO HELPS US HANDLE, UH, MARKET CONDITIONS IN A, IN A MORE EFFICIENT WAY AS WELL.
SO THE LAST THING THAT WE WERE ASKED TO DISCUSS WAS REALLOCATION AND DEAUTHORIZATION.
UH, NOW WHEN IT COMES TO REMAINING BOND FUNDS, YOU, IF YOU, THE DESIRE IS TO REALLOCATE THEM TO FROM ONE PROJECT TO ANOTHER, UM, NO MATTER WHAT, YOU HAVE TO USE THEM FOR ONE OF THE, UH, PURPOSES THAT WAS NAMED IN THE ORIGINAL PROPOSITION.
SO FOR EXAMPLE, A TRANSPORTATION, TRANSPORTATION PROPOSITION MIGHT NAME ROAD CONSTRUCTION, SIDEWALKS, BIKEWAYS ARE IN SIMILAR.
NOW IF YOU'RE REALLOCATING DOLLARS FROM SIDEWALKS, YOU WOULD HAVE TO USE IT FOR BIKEWAYS OR ROAD RECONSTRUCTION OR WHATEVER THE, THE CASE MAY BE.
UH, SO YOU CANNOT USE IT FOR SOMETHING IN A DIFFERENT PROPOSITION.
SO FOR EXAMPLE, I CAN'T TAKE SIDEWALK MONEY AND USE IT FOR PARKS FACILITIES.
UH, YOU MIGHT ALSO REQUIRE COUNCIL ACTION DEPENDING ON THE INTENDED NEW USE.
SO IF, FOR EXAMPLE, THERE ARE REMAINING FUNDS SITTING IN A SMATTERING, AND I'M NOT TRYING TO PICK ON SIDEWALKS, BUT THAT'S WHAT KEEPS POPPING IN MY MIND.
BUT IF THERE'S SMATTERING OF FUNDS THAT STILL REMAIN IN A VARIETY OF SIDEWALKS PROJECTS, YOU CAN SWEEP THOSE, THOSE REMAINING FUNDS AND USE THEM FOR OTHER SIDEWALK PURPOSES WITHOUT COUNCIL ACTION BECAUSE OF THE MANNER IN WHICH YOU APPROPRIATED THEM IN THE FIRST TIME, WHICH IS ON A PROGRAMMATIC BASIS.
[01:15:01]
NOW, IF THE FUNDS ARE, WERE APPROPRIATED FOR ROADWAY CONSTRUCTION AND YOU WANT TO SHIFT TO SIDEWALKS, THEN COUNCIL WOULD HAVE TO TAKE ACTION FOR THE REALLOCATION.THE SAME ALSO APPLIES TO IF THE FUNDS WERE APPROPRIATED FOR A SPECIFIC PROJECT, UH, AND YOU WANTED TO USE IT FOR ANOTHER PURPOSE.
NOW, IT'S ALSO IMPORTANT TO NOTE IF YOU'RE REALLOCATING, UH, FUNDS FROM A SPECIFIC PROJECT THAT WAS ALSO A NAMED PROJECT IN THE CONTRACT WITH THE VOTERS, WE WOULD NEED TO EXPLORE, UM, IF THERE'S ANY FLEXIBILITY ON MAKING THAT CHANGE.
UM, BECAUSE OF YOU WOULD STILL BE EVENTUALLY ISSUING THOSE BONDS, WHICH I WILL TALK A LITTLE BIT MORE IN THE DEAUTHORIZATION OPTION SECTION.
SO IF YOU WERE TO WANT TO DE AUTHORIZE ANY OF THE REMAINING BOND FUNDS, YOU HAVE, UH, TWO OPTIONS YOU CAN CALL AN ELECTION AT WHICH THE VOTERS ARE ABLE TO DECIDE IF THEY WANT TO DE AUTHORIZE THOSE FUNDS OR NOT.
YOU ALSO HAVE, IF YOU WANTED TO DEAUTHORIZE AND REAUTHORIZE FOR A NEW PURPOSE, SO JUST BASICALLY REALLOCATING THE, UM, THE EXISTING FUNDS, BUT FOR A COMPLETELY NEW PURPOSE THAN WHAT THEY WERE ORIGINALLY APPROVED FOR, THEN YOU CAN HAVE THOSE AS, UH, BALLOT ON THE SAME BALLOT AND MAKE THEM CONTINGENT UPON ANOTHER SO THAT IF YOU, IF THEY PASS THE NEW AUTHORIZATION, IT CAN ONLY PASS IF THE DEAUTHORIZATION PASSES AS WELL.
UM, THEN THERE'S ALSO THE STALENESS DOCTRINE.
SO WE HAVE FOUND THERE'S NOT VERY SPECIFIC CASE LAW, BUT BASED ON PRIOR ACTIONS FROM THE AGS OFFICE, UH, THERE YOU, WE, WE KNOW THAT YOU GENERALLY HAVE THE AUTHORITY TO DE AUTHORIZE THE BOND FUNDS IF 10 YEARS HAVE PASSED SINCE THE ELECTION, THAT 10 YEAR TIMEFRAME IS WHERE THERE'S A QUESTION MARK.
THERE'S NOT THAT CLEAR CASE LAW, BUT BASED ON OTHER INSTANCES THAT HAVE GONE TO THE AGS OFFICE, THAT 10 YEAR MARK IS, APPEARS TO BE KIND OF THAT SWEET SPOT, UM, AS THE MINIMUM BARRIER.
UM, SO WHEN IT COMES TO THE CONTRACTS WITH THE VOTERS, SO EACH OF THOSE CONTRACTS WAS PASSED BY COUNSEL.
UM, IT IS CONTINGENT ON THE ISSUANCE OF BONDS.
SO IF THE BONDS ARE NEVER ISSUED, THE CONTRACT HAS NO EFFECT.
HOWEVER, IF YOU ARE LOOKING TO REALLOCATE THOSE BONDS OR THOSE DOLLARS TO OTHER ITEMS THAT WOULD NOT MATCH UP WITH THE CONTRACT WITH THE VOTERS, THAT'S WHERE WE HAVE TO START BEING MUCH MORE CAREFUL AND, AND MAKING SURE WE'RE NOT IN VIOLATION OF THAT, UM, AS WE, AS WE MAKE THOSE OR CONSIDER THOSE CHANGES.
UH, ANY QUESTIONS YOU MAY HAVE.
ANYBODY GOT QUESTIONS? COUNCIL MEMBER ALTER? UM, THANK YOU VERY MUCH.
THIS PROVIDED A LOT OF INFORMATION.
UM, I REALLY APPRECIATE IT BECAUSE ONE OF THE REASONS WHY I'VE BEEN REALLY INTERESTED IN WHAT WE HAVE OUTSTANDING IS TO SEE IF THERE'S A WAY TO INTEGRATE THE LARGE PROJECTS THAT ARE STILL OUT THERE INTO OUR THINKING ABOUT THE 26 BOND.
AND I'LL, I'LL GIVE AN EXAMPLE.
ONE IN DISTRICT FIVE, THE SOUTH LAMAR CORRIDOR PROJECT, WHICH WAS 2016 BOND PROJECT, THEY'VE BEEN TOLD THE COMMUNITY IT WILL START IT LAST YEAR.
NOW THEY'RE BEING TOLD MAYBE NEXT FALL.
I MEAN, IT'S, IT IS ALMOST A RUNNING JOKE AT MEETINGS.
I GO TO THAT, YOU KNOW, 10 YEARS AND WE'RE STILL TALKING ABOUT WHEN WE'RE EVEN GONNA START THIS PROJECT AND BE IT AS IT MAY, THAT'S WHERE WE ARE TODAY.
BUT MY QUESTION IN ALL OF THIS IS, YOU KNOW, STAFF PROVIDED US A REALLY COMPREHENSIVE LIST OF NOT ONLY WHAT YOU'D RECOMMEND, BUT HERE'S HOW THINGS SCORE OUT, RIGHT? HERE'S THE PRIORITY, WHETHER IT'S THE ENVIRONMENTAL PRIORITY, THE COMMUNITY PRIORITY, BUT HERE'S A SET OF THINGS THAT WE LOOKED AT METRICS TO DECIDE WHAT ARE OUR HIGHEST PRIORITIES AND WOULD THE SOUTH LAMAR CORRIDOR, IF WE PUT THAT INTO TODAY'S MATRIX, WOULD THAT BE AT THE TOP? WOULD IT BE AT THE MIDDLE? WOULD IT BE AT THE BOTTOM? IF IT'S MORE OF THE LATTER, SHOULD WE BE THINKING ABOUT THESE PROJECTS THAT ARE STILL, YOU KNOW, THE, THE, THE BRIDGE PROJECT YOU TALKED ABOUT AND OTHERS, SHOULD WE BE THINKING ABOUT WHAT ARE THE NEEDS OF TODAY? NOT WHAT DID WE THINK THE NEEDS WERE IN 2016 BECAUSE THOSE ARE FUNDS THAT CAN BE RELOCATED AS, AS YOU MENTIONED, MISS VAR, WITHIN AT LEAST THAT PROPOSITION.
SO WE KNOW WE'RE GONNA HAVE TRANSPORTATION RELATED, UH, PROJECTS, WE HAVE THOSE NEEDS, WE KNOW WE'RE GONNA HAVE PARKS AND OTHERS.
SO I WOULD, I WOULD LOVE FOR US TO THINK ABOUT A WAY TO LOOK AT, YOU KNOW, IF IT'S $500,000,
[01:20:01]
MAYBE NOT WORTH YOUR TIME AND EFFORT, RIGHT? BUT IF THERE ARE SUBSTANTIAL SUMS OF DOLLARS FOR LARGE PROJECTS THAT WE HAVEN'T DONE YET, CAN WE THINK ABOUT IS THAT STILL A PRIORITY TODAY GIVEN THE OTHER PRIORITIES THAT WE HAVE? AND THAT'S JUST, I DON'T, I DON'T KNOW HOW WE DO THAT.I DON'T KNOW THAT WE'VE EVER DONE THAT BEFORE, BUT, UH, ALMOST TREAT THESE AS NEW OR UNDONE PROJECTS.
AND YES, WE'VE SPENT SOME DESIGN MONEY AND MAYBE THAT DESIGN GETS PUT ON THE SHELF FOR ANOTHER DAY AND IT'S A, A GREAT DESIGN WE CAN PICK UP AGAIN AND, AND MODIFY.
IT'S NOT FULL MONEY, UH, LOST.
BUT, UM, I JUST, I THINK IT, IT'S INCUMBENT UPON US, GIVEN THE FINANCIALS THAT ARE THE REALITY.
WE ONLY HAVE SO MUCH TO GO AROUND.
WE SHOULD FUND THE PRIORITIES THAT WE HAVE AND TAKE INTO ACCOUNT WHAT MR. ROGERS WAS ALSO SAYING EARLIER ABOUT DELIVERABILITY AND, AND THAT THAT THOSE ASPECTS AS WELL.
AND THIS EITHER FOR A CM ROGERS OR MR. BAILEY IF HE'S STILL HERE, UH, THERE WAS A COMMENT MADE THAT, UM, BEST PRACTICES THAT YOU WOULDN'T, UM, PUT FUNDING TOWARDS DESIGN UNLESS THE CONSTRUCTION FUNDING HAS ALSO BEEN IDENTIFIED.
HISTORICALLY WE DON'T PROGRESS WITH DESIGN CONTRACTS THROUGH DESIGN UNLESS THE CONSTRUCTION FUNDING IS ALSO AVAILABLE.
SO WE DON'T GENERALLY JUST DO DESIGN ONLY PROJECTS.
THERE'S A LOT OF REASONS FOR THAT.
SOME OF IT IS IN THE RULES AROUND BONDING FOR THOSE PROJECTS BECAUSE OF THE LONG DURATION PAYBACK FOR THOSE.
SO THERE'S SOME FINANCIAL RULES AROUND IT, BUT THEN ALSO, UM, LIKE I SAID, HISTORICALLY WE JUST HAVEN'T DONE THAT.
SO IT'S STANDARD PRACTICE FOR THE CITY TO BAKE IN BOTH OF THOSE COSTS AT THE SAME TIME? CORRECT.
AND THAT'S WHAT WE'VE DONE EVEN WITH THE 2020 MOBILITY BOND? YES.
UM, AND ONE THING I WANNA SURFACE COLLEAGUES I SIT ON THE CAMPO BOARD IS, YOU KNOW, FOR THAT BOARD, THEY'RE MOVING TOWARDS THEIR CRITERIA HAS NOW BEEN UPDATED TO REALLY PRIORITIZE PROJECTS THAT ARE SHOVEL READY, READY TO GO.
AND SO HOW DOES THAT AFFECT WHAT WE MIGHT CONSIDER WITH OUR OWN LOCAL BOND PROJECTS KNOWING THAT THE LOCAL MATCH IS SO CRITICAL POSITIONING OUR PROJECTS FOR FEDERAL FUNDING? YEAH, SO GENERALLY WHAT WE DO IS WE WILL HAVE THE FULL BUCKET OF FUNDING THAT'S AVAILABLE TO DELIVER THE PROJECT AND THEN WE'LL APPLY FOR THOSE GRANT FUNDS AS WE MOVE FORWARD.
THE BARTON SPRINGS ROAD BRIDGE IS A GREAT EXAMPLE OF THAT WHERE WE HAD THE MONEY THAT'S, OR HAVE THE MONEY THAT'S AVAILABLE TO DO THE FULL CONSTRUCTION.
WE APPLY FOR GRANTS, UM, ALONG THE WAY.
USUALLY THERE'S A MATCH, GENERALLY IT'S 80 20 20 CITY, UH, 80 FROM THE, THE FEDERAL GOVERNMENT.
UM, AND THEN ONCE WE OBTAIN THAT, WE'RE ABLE TO SAY, OKAY, WE NOW HAVE MONEY THAT'S AVAILABLE IN THAT BUCKET THAT WE COULD POTENTIALLY REALLOCATE TO OTHER PROJECTS.
FOR EXAMPLE, IN THE WAY THAT WE WRITE THE PROPOSITIONS, WE SAY GENERALLY STRUCTURAL IMPROVEMENTS TO EXISTING BRIDGES.
AND SO THERE'S A LOT OF OPPORTUNITY THERE.
WE CAN THEN TAKE WHATEVER MONEY WE GET FROM THE GRANT FUNDING AND WHATEVER'S AVAILABLE TO REPURPOSE IT FOR ANOTHER PROJECT.
THANK YOU GUYS FOR THE UPDATE.
I WANTED TO CLARIFY A NUMBER THAT I HEARD AT THE BEGINNING RELATIVE TO OTHER NUMBERS THAT I THINK I'VE HEARD RECENTLY ON THE SAME TOPIC OF HOW MUCH, WHAT PROGRESS WE'VE MADE TOWARDS SPENDING DOWN THE AMOUNT OF OUTSTANDING BOND DOLLARS THAT ARE OUT THERE.
I THOUGHT I HEARD AT THE BEGINNING TOTAL AMOUNT OF 2.45 BILLION THAT WE'VE SPENT, ONE AND A HALF BILLION, WHICH WOULD LEAVE ABOUT NINE 50.
IS THAT, DID I MISHEAR THAT? BECAUSE I ALSO HEARD, I THINK AT THE BEGINNING OF THIS, SORRY, THE OTHER DATA POINT I HEARD RECENTLY WAS WHEN I STARTED LAST YEAR, WE HAD ABOUT $1.3 BILLION THAT WAS UNSPENT AND WE'VE NOW, WE'RE NOW DOWN TO $700 MILLION.
SO I, SO THE, THE 2.4 BILLION IS ALL THE PROGRAMS IN SUM TOGETHER, THAT'S ALL THE MONEY THAT'S RELATED WITH THE BOND PROGRAMS. THE NUMBER THAT I MENTIONED WE'RE ACTUALLY AT $600 MILLION IN TERMS OF, UH, AUTHORIZED BUT UNOBLIGATED DOLLARS.
AND THAT'S DOWN FROM WHY IT WAS 1.4 IN MID 2023.
SO THAT, OKAY, SO NONE OF MY NUMBERS ARE RIGHT, IS WHAT YOU'RE TELLING ME.
THERE WAS, WHEN WE HAD OUR ORIENTATION, WE WERE AT THE CLASS AGAIN AND IT WAS 1.34 SO THAT AT THAT PARTICULAR TIME IT WAS 1.34 BILLION.
THANK YOU FOR MAKING ME FEEL BETTER.
THE, THE BEST GRAPH THAT SHOWS THAT OVERALL IS ACTUALLY IN THE APPENDIX THERE.
THERE'S ONE OF THE, UM, CHARTS THAT REALLY SHOWS WHAT THE PROJECTED SPEND IS, WHICH IS THE PURPLE LINE, UM, THERE.
AND SO JUST, I DON'T HAVE THE EXACT NUMBER IN FRONT OF ME, BUT EYEBALL AND IT'S ABOUT 1.4 BILLION BY THE END OF 2027.
[01:25:01]
WE'RE, WE'RE PROJECTING, UM, THAT 90%, 90% SPEND IN 2028.AND THEN THE LAST QUESTION I'VE GOT NOW IS, UH, AND I APPRECIATE THE UPDATE A CM ROGERS ON THE DASHBOARD.
I KNOW THAT'S CONVERSATIONS WE'VE ALSO HAD WITH CAPITAL DELIVERY.
I'M CURIOUS TO KNOW WHEN WE CAN EXPECT SOME OF THAT INFORMATION TO START TO BE DEPLOYED AND, UH, JUST A GENERAL TIMELINE OF OUR EXPECTATIONS THERE.
YEAH, THANK YOU FOR THAT QUESTION.
UM, I THINK IT'S REALLY IMPORTANT FOR US TO, TO REALLY FOCUS ON THE DELIVERY OF WHAT WE'VE GOT, UM, IS WE REALLY NEED TO BUILD THAT TRUST BACK WITH OUR COMMUNITY.
AND SO AS A PART OF, OF THE PROCESS RIGHT NOW, WE'RE, WE'RE, AS WE JUST TALKED ABOUT, UM, LOOKING AT, UH, UM, WORKING WITH CONSULTANTS AND OTHERS, UM, WE WE'RE, WE'RE, WE'RE LOOKING AT, UH, EVERYTHING THAT'S RELATED TO, UM, HOW DO WE DO A STRATEGIC IMPLEMENTATION PLAN FOR THOSE PROJECTS.
SO WE'RE DEVELOPING THAT STRATEGIC IMPLEMENT IMPLEMENTATION PLAN AND, UH, WE SHOULD HAVE THAT COMPLETED BY THE TIME THESE DECISIONS HAVE TO BE MADE WITH, WITH THE WHOLE BOND.
UM, IN, WELL, IT IS GONNA TAKE US PROBABLY FOUR TO FIVE MONTHS TO, TO BE ABLE TO, TO HAVE A TRUE REPORT THAT HAS THE WHOLE STRATEGIC PLAN.
UM, BUT WITHIN THAT PLAN, IT'S ALSO LOOKING AT THE, THE, THE TECHNOLOGY THAT'S GONNA BE NEEDED WORKING WITH OUR OTH, OUR A TS AND OUR OTHER TEAMS TO ENSURE THAT, THAT WE'RE ALL ON WORKING ON THE SAME PAGE WITH THE SAME TECHNOLOGY THAT, THAT MEETS THE NEEDS.
ALSO DOING THE BENCHMARKING OF OTHER CITIES.
AND THERE'S QUITE A FEW OTHER CITIES THROUGH THROUGHOUT THIS REGION THAT DO A REALLY GOOD JOB WHERE YOU CAN ACTUALLY GO ON THEIR WEBSITES AND SEE WHERE THOSE PROJECTS ARE AT, AT ANY PARTICULAR POINT.
AND SO THOSE ARE THE THINGS THAT WE ARE, UM, THOSE ARE ALL SCHEDULED FOR THIS YEAR, LET'S JUST PUT IT THAT WAY TO HAVE THOSE COMPLETE THIS YEAR.
ANYTHING ELSE? THANK YOU'ALL VERY, VERY MUCH.
WELL MEMBERS, UH, THAT CONCLUDES ALL OF THE ITEMS THAT ARE ON THE AGENDA FOR THIS SPECIAL CALLED MEETING OF THE AUDIT AND FINANCE COMMITTEE OF THE AUSTIN CITY COUNCIL.
SO WITHOUT OBJECTION, UH, THE AUDIT AND FINANCE COMMITTEE IS ADJOURNED AT 2:27 PM THANKS EVERYBODY.