Staff will provide an update on the project status of the 2012 and 2019 bond programs, updates on committed projects, and potential future projects in the context of the five-year capital improvement plan that will be included as part of the fiscal year 2025 budget.
Additionally, staff will provide information regarding the proposed Certificates of Obligation, Series 2024. The proposed 2024 Certificates of Obligation issuance totals $10,700,000 and consists of the following:
- $3,400,000 for construction of a new 23,000 square foot public safety communications facility for the joint dispatch center created and owned by the Cities of Coppell, Farmers Branch, and Carrollton along with the Town.
- $1,150,000 for a replacement Spartan Fire Engine.
- $850,000 for Addison Grove incentive payments for public infrastructure. Town staff anticipates that Addison Grove will qualify for the first two incentive payments in late 2024 or early 2025. Each incentive payment is $2,083,333. The Town set aside $3,000,000 between fiscal years 2017 and 2019 to cash fund half the incentive payments. To date, those funds have earned slightly over $300,000 in interest.
- $5,300,000 for Stormwater Fund capital improvement projects supported and serviced by Stormwater Fund revenue. These projects include reconstruction of Keller Springs Road ($2,800,000) and Les Lacs Pond Improvements ($2,500,000).
With the proposed issuance, and accounting for anticipated growth in taxable property values and State Infrastructure Bank loan proceeds of $15,000,000, the Interest and Sinking (I&S) tax rate is estimated to increase from $0.159492/$100 in Fiscal Year 2024 to $0.174100/$100 in Fiscal Year 2025. The 2019 Bond Committee estimated that for Fiscal Year 2025 the I&S tax rate would be approximately $0.255400/$100, which is almost 47% higher than the current estimate for Fiscal Year 2025. |