This fall's mayoral campaign rhetoric over the city's $111-million debt seemed but a faint memory this week as the Bettendorf city staff laid out an "aggressive" $18-million capital improvement plan calling for an additional $10 million in general obligation bonds.
Mayoral candidate Patricia Malinee made the city's sizeable debt the focus of her campaign against Robert Gallagher, Jr. And, in the closing days of the campaign, even Gallagher's mailers and phone calls expressed a desire to address the growing indebtedness.
City staff, however, told aldermen at Monday's meeting on the capital improvement budget they were following the same plan set in motion last year.
That plan calls for issuing $10 million in general obligation bonds this coming fiscal year, and $9 million in general obligation bonds in each of the following three years.
The city debt margin, now at 75 percent of the legal limit, would remain at about that same level for the next three years, providing city property values continue to increase as city staff expects.
The city's finance director declared the city in "a very, very good position" since assessed values (for 2010 on which taxes are collected this coming fiscal year) were up $90 million, including some $67 million from new construction.
With the expected increase in property taxes from the increased assessments, the city's debt levy (currently at $5 per $1,000 assessed value), also is expected to remain the same in the coming budget, staff said.
The council hasn't signed off on the capital improvement plan and proposed general obligation bond issues, but it's very clear where the city staff wants the council to go.
CLICK HERE to download the proposed "Community Improvement Program" (planned capital improvements) for the coming fiscal year, July 1, 2012 through June 30, 2013.
CLICK HERE for the full discussion of the city's debt service fund from its 2011-12 budget book.
