Debt
During FY 2024, the City took advantage of the low cost of borrowing and issued $ 75.9 million in Permanent Improvement Bonds to make various capital improvements and $ 7.7 million in Permanent Improvement Refunding Bonds to reduce future interest costs. The City issued $ 30 million in Water and Wastewater System Revenue Bonds( WWS) for the purposes of improving and expanding existing water and wastewater infrastructure. The City issued $ 9.5 million in Municipal Drainage Utility System Revenue for the purpose of improving and expanding existing drainage infrastructure. During FY 2024, the City paid down principal of $ 51.5 million of outstanding Permanent Improvement Bonds and Certificates of Obligation, $ 23.8 million of outstanding WWS Bond, $ 4.1 million of outstanding Stormwater Bonds, and $ 7.2 million of outstanding Venue bonds.
Awards
The City continued to be recognized for its outstanding financial reporting efforts. The State 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. Last year, the program was expanded to include a sixth star in Open Government and Compliance. In addition to maintaining the initial five transparency stars, Traditional Finances, Contracts and Procurement, Economic Development, Public Pensions, and Debt Obligations, the City also earned the sixth star in Open Government and Compliance.
We again received the Certificate of Achievement for Excellence in Financial Reporting for our 2023 Annual Comprehensive Financial Report( ACFR), the Certificate for Outstanding Achievement in Popular Annual Financial Reporting for our 2023 PAFR, and the Distinguished Budget Award for our 2024 budget from the Government Finance Officers Association.
FY 2024 was a year of balancing financial stability with strategic growth. By leveraging revenue opportunities, optimizing expenditures, and investing in critical infrastructure and services, the City strengthened its foundation for long-term success while enhancing the quality of life for its residents.
DEBT PAYMENTS
• Paid down $ 51.5 million on Permanent Improvement Bonds and Certificates of Obligation.
• Paid down $ 23.8 million on Water and Wastewater System Revenue Bonds.
• Paid down $ 4.1 million on Stormwater Bonds.
• Paid down $ 7.2 million on Venue Bonds.
CITY’ S FINANCIAL ACHIEVEMENTS & STRATEGIES FOR FY 2024 Transparency Achievements:
• Retained all five initial Transparency Stars.
• Added a sixth star for Open Government and Compliance.
Financial Awards:
• Excellence in Financial Reporting for 2023 ACFR.
• Outstanding Achievement in Popular Financial Reporting for 2023 PAFR.
• Distinguished Budget Award for 2024.
Strategic Outcomes
• Balanced financial stability with strategic growth, enhanced services, and improved infrastructure investment.
CITY COUNCIL PRIORITIES
• Support Youth and Families
• Invest in Our Economy
• Enhance Regional Mobility
• Leverage Technology
• Champion Great Neighborhoods
• Build Unity