CITY MANAGER’S REPORT

Week ending September 23, 2011

Impact of library project on city’s debt ratio

Concern has been expressed about the impact of the general obligation debt issuance for the library expansion on the City of Lawrence’s debt ratios. The current debt policy and associated guidelines were adopted in 2002. Since that time, the city has remained within the levels listed in the guidelines. The guidelines were developed, not as a limit on the amount of debt that can be issued by the city, but rather as a target to meet in order to limit the potential impact on the bond and interest mill levy and to maintain the city’s debt rating. In 2002, the city’s debt rating by Moody’s was Aa2. It has since improved to Aa1, one notch below Moody’s highest rating. Even with the addition of the library debt over the next two years, the city should remain below the ratios listed in the guidelines. It is not recommended that the city consider an increase in the per capita ratio at this time. Please see the attached memo and attachments for more information.

Bike MS event a success

Lawrence successfully hosted the overnight cyclists’ village for the Bike MS event on September 17-18. Event organizers and cyclists gave positive feedback about the routes and particularly about the cyclists’ village set up in South Park. Despite rainy weather the number of riders and funds raised for the MS Society were both up about 10% from last year. Please see the attached message and photos from the Convention and Visitors Bureau’s Bob Sanner, who did much of the local legwork for the event, regarding the excellent support and assistance offered by various city staff and departments.  

2012 Budget presentations and priorities

The attached budget presentation is being used by city staff and officials in various presentations to community groups and gatherings. The presentation’s emphasis is on City Commission priorities and 2012 budget challenges and decisions. 

Carnegie Building plaques restored

Mitch Young, Park District 3/Cemeteries Supervisor, recently restored the original plaques on the exterior of the Carnegie Building. The polished bronze was sanded down, other areas were repainted, and the entire surface was clear coated. Attached are before and after photos of the signs.