| Phoenix Looking for Community Input at GO Bond Committee Meetings | https://www.phoenix.gov/newsroom/budget-and-research/2402 | Budget & Research | | 7/1/2022 12:00:00 AM | https://www.phoenix.gov/newssite/Lists/NewsArticle/Attachments/2402/Phoenix-Skyline-with-Crane-in-Background.jpg | | Phoenix Looking for Community Input at GO Bond Committee Meetings | <div class="ExternalClass60FCE313BF074633964A512B7DC329C5"><html>
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<span style="background-color:window;color:windowtext;font-size:10pt;">On June 7, 2022, </span>
<span style="background-color:window;color:windowtext;font-size:10pt;">the Mayor and City Council approved moving forward with a proposed General Obligation (GO) Bond program of $500 million</span>
<span style="background-color:window;color:windowtext;font-size:10pt;">. GO Bond programs help to fund critical infrastructure and rehabilitation needs of City facilities such as parks, libraries, fire and police stations, affordable housing, streets, and storm drains. GO Bond Programs require City Council and voter approval.</span>
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<strong>What is a General Obligation Bond?</strong>
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<p>General obligation (GO) bonds are municipal bonds which provide a way for local governments to finance large capital improvements. A bond program includes both the authority to issue bonds and a listing of the purposes for which the funds may be used. General Obligation Bond Programs, such as the City of Phoenix's Bond Program, require voter approval. The City of Phoenix is the fifth largest City in the country and has not had a GO Bond Program since 2006.</p>
<p>The City Council appointed a citizen's GO Bond Committee on June 1, 2022, to evaluate and prioritize <a href="/bond/reports-presentations" target="_blank">proposed projects</a> identified in the Capital Needs Study, and to hear from residents what they would like to see in the next GO Bond Program. In addition to an Executive Committee, there are eight subcommittees: Arts & Culture, Economic Development and Education, Environment & Sustainability, Housing, Human Services & Homelessness, Neighborhoods & City Services, Parks & Recreation, Public Safety, and Streets & Storm Drainage. </p>
<p>Subcommittees will receive presentations about proposed projects from City departments, hear from the public, then rank the projects that will be recommended to the Executive Committee. The Executive Committee is charged with making recommendations to be considered by City Council. The City Council will then decide if a GO Bond Program will go to the voters. If approved by Council, voters will ultimately choose whether or not to adopt the GO Bond Program, in November 2023.</p>
<p>Committee meetings will take place between August 2022 and December 2022 and will be open to the public for comment. The Executive Committee will meet for the first time on August 8, 2022, then the first subcommittee meeting will take place on August 12, 2022. More information on committee meetings and how residents can participate is available online at Phoenix.gov/bond. </p>
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<strong>What type of projects will be proposed?</strong>
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<p>General Obligation Bonds pay for major capital improvements that serve a public purpose, such as renovating and building new parks and libraries, investing in the Phoenix Housing Plan, the Climate Action Plan, street and storm drainage projects and even public safety infrastructure like a new fire station or police precinct. </p>
<p>Money from GO Bonds cannot be used for ongoing operating costs such as administrative expenses and employee salaries. </p>
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<strong>Does the proposed 2023 GO Bond Program anticipate an increase in secondary property tax rates?</strong>
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<p>No. The GO Bond Program does not include a planned increase in the City's secondary property tax rate, which is used to calculate secondary property tax revenues dedicated to paying the debt service on GO Bonds. This means that future property tax revenues at the existing secondary property tax rate are projected to be sufficient to repay the bonds, absent unanticipated legislative and/or economic changes. </p>
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<strong>How to share your Input</strong>
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<p>Community input is encouraged at the City's <a href="/bond/meetings" target="_blank">GO Bond Committee meeting</a>s. Anyone interested in speaking can sign up online to speak, or attend in person, at one of our hybrid, in-person and virtual, meetings. </p>
<p>Residents can also engage with the City on social media by using the #GOPHX2023, or by using the interactive GOPHXTOOL, an online tool that allows residents to tell the GO Bond Committee which projects they would like to see recommended to City Council. Residents may also call or submit comments electronically.</p>
<p>For more information, please visit <a href="/bond" target="_blank">phoenix.gov/bond</a> or call (602) 262-3111.<br></p>
</html></div> | https://www.phoenix.gov/budget | News | | budget-and-research | Phoenix Skyline with Construction Crane | Budget | | | | | bond, GO Bond, GOBond | Adam Waltz | 602-781-1334 | 602-534-6648 | | | adam.waltz@phoenix.gov | | | | | | | | | cityofphoenixaz | |
