OPINION: City Bond Measure: Budget Advisory and Financial Planning Committee
Finally, a televised Budget Advisory and Financial Planning Committee (BAFPC)!
Most residents know little of this committee, but it is the source for all tax increases for the city.
BAFPC was recently directed by the City Council to develop funding proposals for major upgrades to city facilities. Three quick observations from the meeting on May 7, 2020:
– scenarios of $30, 45 and 70M bond initiatives are being studied
– apparently the community can live with “15 basis points” (0.15%) of bond indebtedness which translates to either the School District or City issuing $60M bond indebtedness every 5 years. The size of the city proposal could impinge on the District’s ability to issue bonds in 5 years. City staff will be reaching out to District officials to discuss this.
– Chair Bill Hosler offered a quick estimate – with 4,000 parcels in town, an equitable parcel tax of $1,000 per parcel for 10 years would raise $47M. I don’t recall if that was through issuance of bonds or just accumulated funds.
Hopefully, this Zoom meeting will be posted on the City website so residents can watch. Next BAFPC meeting is May 21 where a final recommendation to the City Council will likely be made.
Garrett Keating, Former Piedmont Councilmember
Yes. Odd that only a once in a hundred years catastrophic pandemic forced televised Budget Advisory Committee meetings. Funding is the life blood of all Public Agencies and the BAFPC is the pumping heart of funding recommendations in Piedmont.
A $1000 additional parcel tax is an unreasonable and unsavory option that should be shelved as it has little chance of success. A bond measure would have a better chance of success.