Dear Neighbors,
This Monday, the City Council will convene its second of two meetings for the month of September.
Our meeting will begin with a communication from City Attorney Eileen Blackwood on collective bargaining efforts. It is expected this communication will be done in Executive Session.
We have five items on our deliberative agenda. The first is a communication from CEDO on the Consolidated Annual Performance and Evaluation Report. This will be followed by a public hearing on the report.
The next three items relate to November ballot items which we will need to vote on Monday evening in order to meet the deadline for the ballots to be printed and available for early and absentee voting.
The first is a communication from Beth Anderson, Chief Administrative Officer of the City on the City's proposed debt policy.
A debt policy is designed to enhance the quality of decisions related to debt issuance by providing consistency, continuity, order and discipline; clear guidelines for the type and structure of debt; parameters for the amount of debt to be undertaken; and a process to ensure cost effective issuance. A debt policy should articulate the City's policy goals, which include a continued commitment to improving and sustaining the City's financial position, increasing the City's credit rating, and ensuring an affordable cost of borrowing for taxpayers. These actions are generally positively viewed by the rating agencies in reviewing credit quality.
Over the past several weeks, the Board of Finance has been working on this policy. CAO Anderson provided working documents of the policy as well as debt projections given the needs of both the City and the School Department. (While the City and School Department have separately elected bodies and budgets, the City and the School Department are one entity for purposes of bonding and are, for the most part, viewed as one body with regard to our credit rating by Moody's.)
The proposed debt policy outlines the City's commitment to preserving and even improving its credit rating while balancing this goal with the needs and infrastructure demands of our City, our desire to provide outstanding services and grow our economy and be mindful of the debt burden on our community. The debt policy proposes setting debt limits that accomplish these goals in a collaborative approach. What benefits our City's infrastructure and ability to attract industry and further economic development attracts people to live in Burlington and creates an exciting and vibrant community for years to come; similarly, what benefits our schools and improves education has long-term impacts on the future of our City.
The final two items on our agenda are the approval of placing a ballot question on the November ballot.
The first is a question authorizing the issuance of up to $29.9 million in revenue bonds for the purposes of paying for capital additions and improvements to the City's water and stormwater systems. There would be no rate increase required with this bonding until Fiscal Year 2023 (beginning in July 2022). The maximum bond-driven rate impact for the typical residential customer after this five years would be $64.32 a year or $5.36 a month.
The second ballot item is a question authorizing the City Council to pledge its full faith and credit by the issuance of its General Obligation bonding in an amount not to exceed $70 million for the purpose of making capital improvements to the existing Burlington High School property, including both new construction and rehabilitation of facilities.
The borrowing assumptions assume $4 million, $50 million and $16 million in borrowing in Fiscal Years 2020, 2021 and 2022, respectively. It is estimated that the cost to the $250,000 median residential property in Burlington during Fiscal Years 2023 to 2050 will be approximately $300 a year in additional tax for these improvements and new construction to our high school.
Please keep in mind that you are always welcome to come to a Council meeting and speak on any topic you wish during public forum. This begins at a time certain of 7:30 at every Council meeting. You may access the Council agenda at http://www.boarddocs.com/vt/burlingtonvt/Board.nsf/Public Please note that all Council meetings are televised live on BT Channel 317 and streamed live to your computer or phone. Please go to youtube and type in "Burlington City Council meetings" and the live stream will come up.
As always, I welcome your questions and concerns. I hope you have a good weekend.
My best,
Karen
Oct 29, 2024, 3 to 5 PM
Film Screening with Q&A - "From Earth to Earth"Oct 30, 2024, 5:30 to 7:30 PM
Quarry Ridge Trick-Or-Treating - Safe & Easy RouteOct 31, 2024, 6 to 9 PM