General Obligation Bond Oversight Committee Meeting | March 25, 2026

The General Obligation Bonds Oversight Committee convened on March 25, 2026, to review the status of bond-funded initiatives and financial allocations. The primary administrative actions taken during this session were the approval of the meeting agenda and the minutes from the previous November meeting, which required a minor spelling correction. No other formal votes were cast, and no public comments were received from attendees.

A significant portion of the meeting was dedicated to reviewing an updated dashboard designed to track bond-funded projects. Finance staff confirmed that the financial data on the dashboard is accurate and updating in real time, though some project details remain qualitative. Committee members praised the dashboard for its user-friendliness and clarity. Staff committed to providing further clarification regarding the accuracy of the dollar amounts displayed on the interface.

Updates on specific project categories were presented by staff members. Matt Cable reported on affordable housing, noting that approximately $9.5 million has been allocated to these efforts. He emphasized that all funded projects comply with state statutes, requiring affordability at or below 80% of the Area Median Income (AMI). Currently, 246 units are under construction, with a total of 450 units across all projects, including the Redwood Commons project, which recently moved into contracted status.

Jennifer provided updates on open space and recreation projects. For open space, $7.7 million has been allocated, including $483,000 for two new conservation easement projects approved in March. She noted that the Deaverview Mountain property was recently purchased using grant funds, thereby preserving bond funds for other uses. Regarding recreation projects, Jennifer indicated that details were incomplete due to the absence of two park staff members. She also highlighted the importance of supporting integrated projects, such as Ferry Road, which combines affordable housing with open space and greenway development.

The finance team provided an update on debt issuance, stating that the county is working toward a $36 million debt deal expected to close in late May. Approximately $19 million remains unallocated following this round of funding. The county maintains a high bond rating, attributed to ongoing engagement with rating agencies such as Moody’s and Kroll. Additionally, the committee discussed potential future bond measures, with the county exploring a 2026 voter referendum to continue funding open space and potentially include affordable housing, based on technical advice from The Trust for Public Land.

Committee member Stephanie expressed support for directing more funding toward the Cox Avenue affordable housing development and activating HMGP properties. While this was noted as a member’s preference, it was not adopted as a formal directive. The committee also identified several follow-up actions: finance staff will complete a budget action to reflect the return of $9,000 from a project, and the county commissioners will continue research regarding the potential 2026 bond measure. The committee will also consider rescheduling the November 25th meeting due to its proximity to Thanksgiving and will announce an open position for Greenway and Parks.