REPORT TO COUNCIL
SUBJECT
Title
Action on the following:
A. Resolution Adopting an Expenditure Plan for the Proposed Bond Measure
B. Waive Second Reading and Adopt an Ordinance Ordering the Submission of a Measure Incurring Bond Indebtedness to the Qualified Voters of the City of Santa Clara
C. Resolution Calling for a Municipal Election and Ordering Consolidation with the Santa Clara County Presidential General Election on November 5, 2024 for the Purpose of Submitting to the Voters a Measure to Approve the Issuance of General Obligation Bonds to Finance Municipal Improvements Constituting Public Infrastructure in an Amount of $400,000,000; Requesting Consolidation with the Presidential General Election and Election Services from Santa Clara County; Providing the City Attorney to Prepare an Impartial Analysis; Setting Priorities for Ballot Arguments
Report
BACKGROUND
Over the last several years, the need for critical capital infrastructure investment has been identified and discussed as part of the budget and priority setting processes. As part of the development of the FY 2024/25 and FY 2025/26 Biennial Capital Budget, over $600 million in City infrastructure needs were identified in which the General Fund would be the primary funding source. This amount addresses the most immediate needs over the next five years but does not fully account for all unfunded needs in the City.
On July 18, 2023, the City Council approved funding for outreach, engagement, and policy analysis to support activities related to potential November 2024 ballot measures (Attachment 1). On October 24, 2023, a study session was presented on the City's unfunded needs, including revenue options and a workplan for a November 2024 ballot measure. In addition, during the two-day 2024 Council Priority Setting Session on March 25 and April 3, 2024, the City Manager presented on the City's unfunded capital needs and the potential for the City to explore a general obligation (GO) bond measure....
Click here for full text