Backup — original pdf

Backup

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 Financial Policies regarding cash management • Results in lower interest costs Bond Program Spending and Issuances (thru April 30, 2024) Public Improvement Bond Program 2016 - Prop 1: Transportation and Mobility 2016 Bond Program 2018 - Prop A: Affordable Housing 2018 - Prop B: Libraries, Museums, and Cultural Arts Facilities 2018 - Prop C: Parks and Recreation 2018 - Prop D: Flood Mitigation, Open Space, and Water Quality Protection 2018 - Prop E: Health and Human Services 2018 - Prop F: Public Safety 2018 - Prop G: Transportation Infrastructure 2018 Bond Total 2020 - Prop B: Transportation and Mobility 2020 Bond Total 2022 - Prop A: Affordable Housing 2022 Bond Total Total Authorized $720.0 $720.0 $250.0 Expenses % Spent 54.6% 54.6% 83.6% $393.5 $393.5 $208.9 Issued % Issued 50.3% $362.1 50.3% $362.1 80.1% $200.3 $128.0 $149.0 $30.1 $82.5 $184.0 $16.0 $38.0 $160.0 $925.0 $460.0 $460.0 $350.0 $350.0 $2,455.0 $91.6 $9.0 $19.0 $89.5 $530.6 $82.3 $82.3 $10.0 $10.0 $1,016.4 23.5% 55.3% 49.8% 56.2% 50.0% 55.9% 57.4% 17.9% 17.9% 2.9% 2.9% 41.4% $17.7 $58.3 $82.2 $4.2 $10.5 $64.9 $438.0 $34.0 $34.0 $0.0 $0.0 $834.1 13.8% 39.1% 44.7% 26.2% 27.5% 40.6% 47.4% 7.4% 7.4% 0.0% 0.0% 34.0% 2018 Bond Issuances and Expenses to Date 2018 Bond Issuances vs. Expenses Initiation to Date s r a l l o D f o s n o i l l i M 600 500 400 300 200 100 - 156.9 119.4 104.9 26.2 2019 530.6 438.0 440.4 377.5 316.6 296.5 253.1 2020 2021 2022 2023 2024 YTD Issuances ITD Expenses ITD Bond Program 2024 Spending and Plan (thru April 30, 2024) Public Improvement Bond Program 2016 - Prop 1: Transportation and Mobility 2016 Bond Program 2018 - Prop A: Affordable Housing 2018 - Prop B: Libraries, Museums, and Cultural Arts Facilities 2018 - Prop C: Parks and Recreation 2018 - Prop D: Flood Mitigation, Open Space, and Water Quality Protection 2018 - Prop E: Health and Human Services 2018 - Prop F: Public Safety 2018 - Prop G: Transportation Infrastructure 2018 Bond Total 2020 - Prop B: Transportation and Mobility 2020 Bond Total 2022 - Prop A: Affordable Housing 2022 Bond Total Total FY24 Spend Plan $132.1 $132.1 $42.1 $36.2 $12.9 $14.2 $9.0 $15.7 $23.8 $153.9 $87.5 $87.5 $30.0 $30.0 $403.6 FY24 Actual YTD % of Plan 25.8% 25.8% 50.9% 26.7% 128.9% 64.6% 77.1% 42.5% 82.5% 58.6% 36.3% 36.3% 31.6% 31.6% 41.0% $34.0 $34.0 $21.4 $9.7 $16.7 $9.1 $6.9 $6.7 $19.7 $90.2 $31.7 $31.7 $9.5 $9.5 $165.4 Questions? Steven Linett Belinda Weaver Acting Budget and Performance Manager Treasurer steven.linett@austintexas.gov belinda.weaver@austintexas.gov