On Friday afternoon, City Hall issued a financial statement that opened this way:
“The city has completed a refinancing of outstanding bonds of the former Redevelopment Agency. Due to a favorable rating of AA- on the new bonds, they will generate $33 million in total savings over the next 11 years.”
How daunting is this news?
Or is it daunting at all?
Chief Financial Officer Jeff Muir explains:
“I would say it is not a huge deal to residents.
“But it will create a meaningful inflow of revenue for the city and for the School District over the next 11 years that otherwise would not have occurred.”
Mr. Muir said the story reflected “a desire to share some good news by the City Council.”
Here are the most important numbers:
- Nearly $12 million of these savings will stay in Culver City.
- $4.3 million goes to City Hall.
- $7.6 million goes to the School District.
- The remaining savings will flow to other local taxing jurisdictions, primarily the County.
“We are thrilled,” said Supt. Leslie Lockhart.
“This considerable amount of money will help the District make even further improvements to our school site facilities and infrastructure.
“These financial dividends will directly benefit our students, teachers and families.”
Mayor Jeff Cooper remarked that “it is not every day that we can generate nearly 12 million tax dollars that will stay locally.”