IN FY23 , THE CITY PAID DOWN
$ 49.4 MILLION
Permanent Improvement bonds and Certificates of Obligation
$ 24.2 MILLION
Water and Wastewater System bond
$ 3.9 MILLION
Stormwater bonds
$ 42.2 MILLION Venue bonds ($ 6M + $ 36.2M voluntary )
Debt
During FY23 , the City took advantage of the low cost of borrowing and issued $ 60 million in Permanent Improvement bonds to make various capital improvements and $ 14.7 million in Permanent Improvement Refunding bonds to reduce future interest costs by $ 773,000 .
The City issued $ 7.2 million in Water and Wastewater System Revenue bonds ( WWS ) for the purposes of improving and expanding existing water and wastewater and an additional $ 5.9 million in refunding bonds to reduce future interest costs by $ 242,000 .
The City issued $ 4.7 million in Municipal Drainage Utility System Revenue for the purpose of improving and expanding existing drainage infrastructure . During the year , the City paid down principal of $ 49.4 million of outstanding Permanent Improvement bonds and Certificates of Obligation , $ 24.2 million of outstanding WWS bond , $ 3.9 million of outstanding Stormwater bonds , and $ 6 million of outstanding Venue bonds . The City also voluntarily called ( early redemption ) an additional $ 36.2 million of outstanding Venue bonds .
Awards
The City continued to be recognized for its outstanding financial reporting efforts . Since the inception of the program , the City of Arlington Finance Department was only the third local government entity in the state to receive all five transparency stars through the Texas Comptroller ’ s transparency program .
The Comptroller ’ s office launched the Transparency Stars program in March 2016 to recognize cities , counties and school districts making strides to greater government transparency by providing easy online access to important financial data . The City of Arlington has earned stars for transparency in Traditional Finances , Contracts and Procurement , Economic Development , Public Pensions and Debt Obligations . We again received the Certificate of Achievement for Excellence in Financial Reporting for our 2022 Annual Comprehensive Financial Report ( ACFR ), the Certificate for Outstanding Achievement in Popular Annual Financial Reporting for our 2022 PAFR , and the Distinguished Budget Award for our 2023 budget from the Government Finance Officers Association .
Priorities
Each year , the City Council identifies community priorities that guide us in allocating the City ’ s resources . Council met at a strategic retreat in the spring of 2023 and chose the following priorities for Fiscal Year 2024 :
Support Youth and Families
Invest in Our Economy
Enhance Regional Mobility
Leverage Technology
Champion Great Neighborhoods
Build Unity