Dear Ward 6 neighbors,

The next City Council meeting will be today, this Monday, September 18 beginning at 6:30pm. Due to the Rosh Hashanah holiday I got a bit behind with this FPF post – my apologies for posting on the day of the meeting.

Please click the link below to join the meeting on zoom. The CCTV link is: https://www.youtube.com/playlist?list=PLljLFn4BZd2PwCge7lNoKug676jIf_iUA. You can sign up for public forum via this link: https://www.burlingtonvt.gov/citycouncil/publicforum or in person by completing a sign-up form inside Contois. Public forum will begin at 7:30pm.

Following a litigation update that will be done in Executive Session, we have a fairly brief agenda Monday evening with one item on our deliberative agenda:

• THE FY23 FISCAL HEALTH REPORT – Since 2012, the City has realized significant improvement in its overall financial condition because the Administration and all City staff, together with the City Council made a commitment to improving the City's financial position. Since the June 2012 downgrade and the 2013 Fiscal Stability Bond issuance, the City has seen four credit rating upgrades for a total of a six-notch improvement with the most recent upgrade to Aa3 being achieved in July 2019 and maintained since, the most recent credit opinion having been issued in August 2023.

An improved credit rating has real impacts on the City and on each of us as citizens because it is much cheaper to borrow money with an Aa3 rating than with a Baa3 rating. Since 2013, the City has locked in an estimated $24,108,885 in current dollars of savings, over the terms of the bonds outstanding, a direct savings for each taxpayer and rate payer. On the November 2022 General Election ballot, 72% of Burlington voters approved $165,000,000 of general obligation bonds to build a new high school and technical center, with a total project cost estimated to be $190,000,000. We project that when the debt service is complete for the already approved $130,000 bond, the City will have saved an additional estimated $20,566,079 in present value savings, for a total current dollar savings to tax payers and ratepayers of no less than $44,674,964 due to our City's fiscal health.

The City's unassigned fund balance, an important reflection of the City's financial health because it ensures we have the appropriate liquidity to support City operations, cover debt service obligations, and to respond to unforeseen events, such as the COVID-19 pandemic. remains high and the savings we have achieved as a result of our high credit rating are significant.

I encourage you to review these and other agenda items at: https://burlingtonvt.portal.civicclerk.com Once there, you can read the agenda and also subscribe to be notified when there are changes to city meetings. Please go to "subscriptions" and sign up to receive up-to-date information on meetings important to you.
As always, I welcome your questions, concerns, and comments, so please be in touch. Your voice matters and I am grateful for your input.

I hope you are having a wonderful weekend.

My best,
Karen

Event Info

Nov 11, 2024, 6 to 8 PM

Nov 16, 2024, 8 AM to 4:30 PM

Nov 16, 2024, 11 AM to 2 PM