Speaker numbers apply only to this recording.
The City of Deltona City Commission held a workshop on June 23, 2025, to discuss elements of the upcoming FY2025-2026 budget. The primary focus was on debt issuance strategies tied to the Capital Improvement Plan (CIP) and a proposed change to how the city notifies property owners about special assessment increases. A representative from the city's financial advisory firm, Public Financial Management Group (PFM), presented the debt overview.
Okay. Uh this time we're going to go ahead and enter into business. If I can uh fiscal year twenty twenty-five, twenty twenty-six budget discussions. Mr. McKinney, it's up. Um, at this time, I would like to call Jeremy with PFM up to go over the debt process overview. If you can please turn on your mic. How's that? Good evening. Uh, Jeremy Needfeld with PFM, Financial Basor to the city. Uh, good to be here in front of you. It's been uh it's been a couple of years, but uh John wanted me to go through a quick process of of the debt issuance uh approach and uh and talk a little bit and see if there were any questions on where where we're heading. Uh just three parts to the agenda here. We'll just do a quick debt overview, then we'll talk about the plan of finance, and I've got a quick uh market update just to present some some information on where the market rights are. So the uh the city's debt policies intend to establish some framework, essentially uh some ground rules for how uh how the city issues that uh takes affordability, uh you know, a comprehensive approach to to make sure the city doesn't become over leveraged. Uh and takes into effect the financial planning and management objectives. Um it creates the uh the community attitude and government philosophy uh and sets limits to preserve flexibility for the city going forward. There's several different types of debt. There's self-supporting debt, uh, and that's debt that's that's essentially tied to uh an enterprise fund like a utility. Uh, there's non-self supporting debt. Uh that's essentially to cover general obligations for the city. Uh the debt burden measures are uh are user rates that are set to cover operations and debt service. CID commission uh you know has committed through their policy to increase rates when necessary to ensure uh reasonable ability to address current operations with paygo and establish debt with regard to non-self supporting debt to ensure current and future flexibility. Here's a quick snapshot of your current debt profile. As you can see here, it's made up of uh stormwater assessment note, uh, some clean water of state revolving funds, uh capital improvement note, and a taxable utility system uh bond series. Total outstanding principle is 150 million. Of that 150 million, approximately three quarters of it is utility debt, as you see in the the picture there with the brown in the blue area. Uh then you have capital improvement notes and then a small uh stormwater note. This is what the city budgets and pays for in debt service each year. You can see each group of debt uh is categorized uh by color, and you have 25 years of debt outstanding uh on that utility system revenue bomb. So, quickly just to touch on plan of finance. I guess I'll pause if there's any questions on the the current debt. None? Okay, sir. Any questions from anybody on the dice?