LRB � RESEARCH AND
ANALYSIS SECTION ANALYSIS
NOVEMBER 29, 2006
AGENDA
ITEM 28 FILE 061000
FINANCE & PERSONNEL
COMMITTEE
JAMES CARROLL
Background and
Discussion
- The Comptroller�s Office annually submits
initial-borrowing resolutions for projects and programs approved in the
adopted budget.
- The resolution authorizes the sale of general
obligation bonds in the amount of
$4,316,000 for bridges.
- The borrowing will provide funding for the
following:
- Bridge Construction-State and Federally Funded
- $2,841,000 � The program assures a level of expenditures for bridge
improvements that are consistent with the ability to finance improvements
necessary to preserve the City�s bridge system, with State and Federal grant
and aid.
- Bridge Reconstruction � Local - $1,475,000
� The program assures a level of expenditures for bridge improvements and
repairs necessary to preserve the City�s bridges through new borrowing.
Fiscal
Impact
Until the actual structuring of the
debt issue is determined by the Public Debt Commission, details relating to the
long-term fiscal impact will not be known. Depending on actual sale date in 2007, a
maximum of 6 months interest would be incurred during the year. If sold
after July 1, 2007, there would be no fiscal impact in
2007.
Cc: Marianne Walsh
Prepared by:
Craig Kammholz Jim
Carroll, X8679 Mark
Nicolini LRB Fiscal Review
W. Martin
Morics
November 22, 2006
Richard
Li