The citizens bond committee reviewing projects for inclusion in Austin’s general obligation bond election has cut the total proposal to $659 million from a potential $1.5 billion.
The final project list is expected to be less than $500 million. Discussion is continuing on including up to $200 million of GOs for the first phase of a light-rail system. A decision on that option is expected from the City Council in June.
Projects rejected in last week’s committee meeting included a planned $78 million police headquarters.
The current list includes $253 million of transportation projects, $178 million for parks and open space, $117 million for new and renovated city facilities and $110 million for affordable housing.
Austin’s property tax rate of $0.4811 per $100 of assessed value can support $385 million of new GO debt without an increase.
Austin’s $1.2 billion of outstanding GOs are rated triple-A by all three major rating agencies.
