REVIEW OF OUTSTANDING DEBT
FINANCE COMMITTEE
JULY 26, 2023
DEBT FINANCING
• MOSTLY FOR CAPITAL IMPROVEMENT PROGRAM
• MULTIPLE FUNDS LEVERAGED
• PAY-AS-YOU-GO = CASH FINANCING
• PAY-AS-YOU-USE = ISSUING DEBT AND PAYING OFF
OVER TIME
SUMMARY OF CITY’S DEBT
• ORIGINAL ISSUANCE: $186,314,423
• ANNUAL DEBT PAYMENTS: $18,489,899
• OUTSTANDING PRINCIPAL: $109,318,306
• MATURING IN FY 2023-24: $2,970,216
PURPOSES OF CITY’S EXISTING DEBT
• PENSION OBLIGATIONS
• REFINANCING PRIOR DEBT ORIGINALLY ISSUED FOR
CAPITAL IMPROVEMENTS
• EQUIPMENT LEASE AGREEMENT FOR ENERGY AND
WATER CONSERVATION
• CAPITAL IMPROVEMENTS TO POLICE, LIBRARY, AND
POOL FACILITIES
THANK YOU