1 General Fund (Combined) –
Revenues over Expenditures
2 Special Rev. Funds –
Revenues over Expenditures
3 Budgeted CIP
NORTH FIRST AVE BRIDGE MOJAVE RIVER-PROJ 90,000 MSI
NORTH FIRST AVE BRIDGE PS&E BNSF 11.47 50,000 MSI - Regional 1ST AVE BRIDGE OVER BNSF ROW-REGIONAL 1,557,411 MSI - Regional SB1-PAVEMENT PRESERVATION 2020* 677,788 SB1
PAVEMENT PRESERVATION 2020* 135,201 DI
F
SB1-IRWIN RD PAVEMENT (W/COUNTY) 42,000 SB1
PEDESTRIAN & BICYCLE CORRIDORS (ATP) 493,000 MSI
RIMROCK RD RECON - BARSTOW RD TO AVE H 597,000 MSI
RIMROCK RD RECON - BARSTOW RD TO AVE H 749,000 MSI - Regional STORM DRAIN/FLOOD CONTROL LENWOOD 40,000 DI
F
MAIN ST & BARSTOW RD TRAFFIC SIG-HSIP 693,119 Grants - Reimburse d
SB-1 MAIN ST & BARSTOW RD TRAFFIC SIGNAL 497,000 SB1
MAIN ST & BARSTOW RD TRAFFIC SIGNAL-DIF 75,000 DI
F
RIMROCK/BARSTOW RD TRAFFIC SIGNAL-HSIP 161,232 Grants - Reimburse d
RIMROCK RD/BARSTOW RD TRAFFIC SIGNAL-MSI 565,000 MSI
IRRIGATION STATION / POND PUMPING 450,000 WW
CDBGCV-CORA HARPER HVAC REPLACEMENT 316,344 CDBG
CDBG-CORA HARPER HVAC REPLACEMENT 414,829 CDBG
CDBG - LILIAN PARK PARKING,PATHS&SHADE IMP. 203,822 CDBG CORA HARPER HVAC REPLACEMENT 890,000 MSQ
8,697,746
4 Council Priority Spending FY 2026
Special Revenue Fund Balance at 7/1/2025 (Combined)
Measure I 1,253,193
Gas Tax 2,154,779
SB-1 3,035,247 6,443,219
Est. Revenue for FY 26 3,395,635
Est. Expense for FY 26 (2,984,988)
Priority Spending from Fund Balance
GRACE ST - BARSTOW RD TO CUL-DE-SAC 1,200,000
VIRGINIA WAY - BARSTOW RD - ROBERTA ST 3,000,000
CAL AVENUE - TERRIBLE HERBST TO KNUCKLE 600,000
STATE ST - KNUCKLE TO CUL-DE-SAC 600,000
LENWOOD RD At TA - COMMERCE PKWY (PCC) 500,000 (5,900,000) Est. Remaining Fund Balance 6/30/2026 953,866
5 Revenues over Expenditures – All Funds
6 One Time Capital Costs
7 Hypothetical Financial Analysis
Using the same sizing constraints as Goleta and current market conditions, the City could generate $14.4 million for eligible street/traffic improvements Case Study
§ Pricing: February 25, 2025
§ Leveraged City’s share of Santa BarbaraCounty
Measure A, which sunsets in 2040
§ Financing team worked extensively with county
transportation authority (SBCAG) to approve
pledge of local share to bonds
§ Bonds sized such that projected revenues($2.1
million) provided no less than 150% coverage of
annual debt service, with no growth
§ Pledge to the City’s bonds was subordinate to
the County’s pledge of Measure A revenues to
a TIFIA loan from the U.S. DOT
§ S&P rated the Bonds ‘A+’ and insurance and
surety policies were provided by Assured
Guaranty
§ Provided $16.2 million for priority crib wall
repair, multipurpose paths, and road repair
Barstow Sample Bond Sizing
Dated Date 11/01/25
First Maturity 06/01/26
Final Maturity 06/01/40
Par Amount $13,785,000
Revenue Constraint 1,956,807
Average Annual Debt
Service
1,338,844
True Interest Cost 3.94%
Deposit to Project Fund 14,420,111
1. Preliminary and subject to change.
2. Analysis assumes current market conditions and similarcredits.
3. Stifel neither guarantees such results nor commits to underwrite at these levels.
4. Cost of issuance and underwriter’s discount are estimates for discussion purposes.
5. Assumptions about rating (‘A+’ underlying) and provision/costof insurance are based on actual results for City of Goleta.
6. Revenue constraint is actual Measure I receipts for FY 2024.
8