Regular Called Meeting of the Bond Oversight Committee May 15, 2024, 2:00 P.M to 4:00 P.M Austin City Hall, Boards & Commissions Room 1101 301 W 2nd Street, Austin TX 78701 Some members of the BOARD/COMMISSION may be participating by videoconference. The meeting may be viewed online at: http://www.austintexas.gov/page/watch-atxn-live Public comment will be allowed in-person or remotely via telephone. Speakers may only register to speak on an item once either in-person or remotely and will be allowed up to three minutes to provide their comments. Registration no later than noon the day before the meeting is required for remote participation by telephone. To register to speak remotely, call or email Nicole Hernandez, 512-974-7644, nicole.hernandez@austintexas.gov CURRENT COMMISSIONERS: Charles Curry, Chair John McNabb, Vice Chair Ramiro Diaz Stephen Gonzalez Francoise Luca CALL TO ORDER AGENDA Edward McHorse Santiago Rodriguez Nicole Wren PUBLIC COMMUNICATION: GENERAL The first 10 speakers signed up prior to the meeting being called to order will each be allowed a three-minute allotment to address their concerns regarding items not posted on the agenda. 1. Approval of the minutes of the Regular meeting of the Bond Oversight Commission on APPROVAL OF MINUTES April 17, 2024. Staff Briefings DISCUSSION ITEMS 2. Briefing by Financial Services Department on the Capital Project Development Process 3. Discussion on the Capital Improvement project benchmarks 4. Discussion on the departmental presentation schedule for the remaining calendar year DISCUSSION AND ACTION ITEMS 5. Adoption of the Bond Oversight Commission proposed Bond Framework Resolution FUTURE AGENDA ITEMS ADJOURNMENT The City of Austin is committed to compliance with the American with Disabilities Act. Reasonable modifications and equal access to communications will be provided upon request. Meeting locations are planned with wheelchair access. If requiring Sign Language Interpreters or alternative formats, please give notice at least 2 days (48 hours) before the meeting date. Please call Nicole Hernandez, Capital Delivery Department, at 512-974-7644, for additional information; TTY users’ route through Relay Texas at 711. For more information on the Bond Oversight Commission, please contact Nicole Hernandez at 512-974-7644.
Bond Oversight Commission Discussion Items May 15, 2024 Executive Lead: Stephen Grace, PE, PMP Assistant Director Capital Delivery Services “Effectively and Efficiently Deliver Quality Projects with the Concept of Speed” 1 Discussion Items - Discussion Item #3: Capital Improvement Project Benchmarks - Discussion Item#4: Future Departmental Presentation Recommendation City of Austin | Capital Delivery Services Department | One City, One Team, One Approach 2 Discussion Item #3 Capital Improvement Project Benchmarks - Preliminary - Design - Bid/Award/Execution - Construction - Post-Construction City of Austin | Capital Delivery Services Department | One City, One Team, One Approach 3 Discussion Item #3 City of Austin | Capital Delivery Services Department | One City, One Team, One Approach 4 Discussion Item #4 Future Departmental Presentation Recommendation January February March April May June July August September October November December No presenters Affordable Housing Bond HWA Cancelled No presenters FSD Bond Framework No meeting Holiday FSD Annual GO Bond Sale/Annual Internal Review Fire/EMS TPW Mobility Bond PARD WPD TBD City of Austin | Capital Delivery Services Department | One City, One Team, One Approach 5
Capital Improvement Program Budget and Finance Steven Linett | Acting Budget & Performance Manager Belinda Weaver | Treasurer Topics • Capital Improvement Program Process • 2018 Bond Development • Debt Issuance Process • Active Program Status Capital Improvement Program Process Capital Needs Identification and Planning • Concepts identified through policy and planning documents and renewal/reinvestment needs Five-Year Capital Improvement Plan Capital Budget • Documents projects which Departments reasonably expect to fund • Citywide FY24-28 Spending Plan =$11.491B • Citywide FY24 Spending Plan = $1.596B • Council approves authority to spend capital dollars (appropriations) • Citywide FY24 Appropriation: $1.764B 2018 Bond Development and Election Process • August 2016 - City Council established a Bond Election Advisory Task Force (BEATF) through a council resolution • Through 2017 - Task force and working group meetings on engagement plan, needs assessments, priorities, financial constraints • Fall/Winter 2017/2018 – Community input meetings Council • April 2018 – BEATF Recommendation to • May 2018 – Staff Updates to Recommendations Staff Starting Point Recommendation (June 2017) BEATF Recommendation and Staff Update (2018) 2018 Bond Development and Election Process • June 2018 – City Council directs City Manager to call election in November 2018 • August 2018 – City Council passes ballot language and guidance for implementation (Contract with the Voters) for $925M bond • September-October 2018 – Community open houses • November 2018 – Bond election 2018 Bond Program Implementation • November 2018 – February 2019 – Departments identify early-out project needs; work on implementation strategies & contracting needs • March 2019 – First appropriation of 2018 Bond funds ($151.2M) & reimbursement resolution • August 2019 – First authorization to issue debt tied to 2018 Bond program • October 2019 – Additional appropriations occur in FY2019 Capital Budget and subsequent years • April 30, 2024 – program 57% spent down five years out from initial appropriation Steps to Sell or Issue Debt Spring 2023 Develop CIP Plan August 2023 for FY2023-4 Annual Capital Budget Appropriations Reimbursement Resolutions Spring/Summer/Fall 2024 Develop Bond Sale Schedule Preliminary Official Statement Council Action on Bond Sales Bond Sales and Closing • Work on upcoming bond sale began Spring 2023 • Debt to be sold in upcoming bond sale supports projects and appropriations (authority to spend) previously approved by City Council • Use of Reimbursement Resolution allows projects to begin now and get funded later • Consistent with IRS regulations • Consistent with …
