In a recent government meeting, officials discussed the potential for issuing general obligation bonds to fund large capital projects through an excess property tax levy. This approach, which requires voter approval, aims to maintain the current tax rate while financing necessary developments in the community.

The last significant bond issuance for parks occurred in 2002, when voters authorized approximately $10 million in debt. However, only $8 million was ultimately issued, reflecting a careful approach to borrowing. As existing bonds mature in 2026, city officials see an opportunity to propose new bonds to voters, potentially allowing for a steady tax rate while generating funds for new projects.

Current projections indicate that the average homeowner in Lacey, valued at $500,000, will pay just under $14 in property taxes for the remaining bonds next year, with a levy rate of approximately 3 cents per $1,000. Officials believe that presenting a proposal to maintain this tax rate could be more palatable to voters, especially given the historical context of tax increases.

The discussion also highlighted the importance of strategic planning in presenting bond proposals. Officials noted that while the state statute restricts these bonds to capital projects, there is room for creative solutions, such as replacing aging infrastructure, which could reduce future maintenance costs.

As the city prepares to approach voters, officials are considering various scenarios for bond amounts and their corresponding impacts on homeowners. For instance, a $15 million bond could result in a higher tax impact than previous levies, which may be viewed unfavorably by voters. The city is committed to ensuring that any proposed projects are attractive and beneficial to the community, emphasizing the need for careful consideration and planning in the lead-up to the vote.

Overall, the meeting underscored the city's proactive approach to funding essential projects while navigating the complexities of voter approval and tax implications.