Council questions long-term debt accounting and certificate-of-obligation payments

A council member asked whether long-term debts—specifically certificates of obligation—are being accounted for in the bills and how payments are recorded. Staff said COs are reflected via a sliding scale used by the servicer and that annual amounts will change as interest rates and schedules adjust.

Members expressed frustration at not seeing regular debt service payments when reviewing bills and urged restructuring finance reporting so the public can see long-term obligations by fund (general, utilities, solid waste). One member said the total long-term obligation appeared under $19 (fragmented in the transcript) and asked staff to produce clearer schedules.