San Marcos City Council To Sell City Bonds To Pay For Water, Wastewater Projects, Just Days Before Their Bond Prop Election

The City of San Marcos is seeking financial assistance from the Texas Water Development Board (TWDB) on proposed purchase of “Revenue Bonds.” Council has decided to sell city bonds to help to off-set their growing budget shortages.

The City of San Marcos is one week away from residents voting on giving the city more money on Bond Propositions, while seeking financial assistance for Capital Improvement Projects (CIP).

According to this week’s city council agenda item #’s 16 and 17, the city has filed two applications for financial assistance for a total amount of $7,407,660 million (before a principal forgiveness clause) from the Clean Water State Revolving Fund (CWSRF) to finance the construction of specific water and wastewater system improvements identified as Project #’s 73696 and 73748.

During the council’s last meeting on April 18, Heather Hurlbert, Director of Finance reported to the council of the 3rd straight month of declining sales tax revenue. A discussion ensued as Hurlbert explained how the Staff is in the process of analyzing how the city’s revenues are trending and stated they were keeping a close eye on retail sales.

Hurlbert stated city staff will look for additional revenue streams and at any general fund capital outlay projects that could possibly be postponed. Council requested that staff bring back a plan to determine the best way forward.

To review some of the council’s past spending habits click HERE and HERE.

NOTE: The first page of both TWDB bond agreements have been added to the agenda below.

Meeting Minutes released for public review

• Tuesday, April 4, 2017 (Regular Meeting)
• Friday, March 31, 2017 (Special Packet Meeting)
• Wednesday, March 29, 2017 (Special Meeting)
• Monday, March 27, 2017 (Special Meeting)
• Friday, March 3, 2017 (Special Packet Meeting)

The San Marcos City Council has not yet released the following Meeting Minutes for public review

• Friday, April 28, 2017 — 12:00PM (Special Packet Meeting)
• Friday, April 28, 2017 — 9:30AM (Special Meeting – Joint City Council/Planning and Zoning Code SMTX Work Session)
• Tuesday, April 25, 2017 — 4:00PM (Special Meeting – Joint City Council/Planning and Zoning Code SMTX Work Session)
• Monday, April 24, 2017 — 5:30PM (Special Meeting – CDBG-DR Workshop-Feasibility Study)
• Tuesday, April 18, 2017 —  5:00PM (Regular Meeting)
• Friday, April 14, 2017 — 12:00PM (Special Packet Meeting)
• Friday, April 14, 2017 — 9:30AM (Special Meeting – Joint City Council / Planning and Zoning Code SMTX Work Session)
• Tuesday, April 11, 2017 — 4:00PM (Special Meeting – Joint City Council /P&Z)
• Tuesday, March 28, 2017 — 4:00PM (Special Meeting – Joint City Council /P&Z)

San Marcos City Council Regular Meeting Agenda – Tuesday, May 2, 2017