Placement: Proclamations and Special presentations
Action Requested: Discussion
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Provide Review of the City’s Debt Portfolio.
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Submitted By: Stephen Okiye, Finance Director, Finance Department.
Strategic Plan Link: The City's Goal of a high-performing city government organization.
Executive Summary (General Business): This is a review and update on the City’s debt portfolio.
Presentation Information: A PowerPoint presentation by Stephen Okiye, Finance Director.
Staff Recommendation: Request that the Council acknowledge progress and confirm direction of focusing on debt reduction.
Background: Outstanding bonded debt reached a high of $1.042 billion during FY 2009-10, actual for FY2020-21 was $753 million even with issuing new debt in FY21. Total debt projected for FY 23 is $665,400,000 a reduction of 36% from FY 2010.
Issues/Analysis: N/A
Financial Information: The City is continuing to focus on debt reduction as defined in the Strategic Plan.
Special Consideration: N/A
Location of Project: N/A
Attachments:
1. PowerPoint Presentation
NOTE: All of the listed items in the “Attachment” section above are in the custody of the City Clerk. Any item(s) not provided in City Council packets are available upon request from the City Clerk.
Internal Reference Number: N/A
Legal Sufficiency Review:
N/A