(St. Louis – July 9, 2018) City leaders are asking St. Louis City voters to approve a $50 million general obligation (GO) bond, Proposition 1, on the August 7 ballot. The bond will utilize the current tax levy, and voters should know that their taxes will not increase if a “yes” vote is cast.
This $50 million bond issuance is part of the city’s 2015 10-year financial strategy, approved by the Board of Estimate and Apportionment, which identified leveraging no-tax-increase bonds, when possible, as a way for the city to better sustain routine capital investment in critical public safety and infrastructure needs.
City leaders owe taxpayers the responsible management of their tax dollars before asking them to vote to raise their taxes. By utilizing the current tax levy’s potential, this $50 million bond issue will—without raising taxes—allow the city to make several capital purchases that improve the city’s ability to deliver services to citizens. Those capital purchases include equipment for first responders, making improvements to bridges in the city, and renovations for city and courts facilities.
While the infusion of $50 million will not address every identified critical need in the city, it is fiscally responsible and will provide real, tangible benefits for taxpayers, in their everyday lives, in emergencies, and when they are doing business with the city.
St. Louis city voters last approved $25M no tax increase GO bonds in 2016 to support firefighters. I ask that St. Louisans again help the city address crucial needs on August 7 by voting “yes” for Prop 1. Citizens will not see higher property taxes, capital improvements can be made, and first responders can receive essential equipment to better serve the community. A “yes” on Prop 1 means we all win.
Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city’s credit rating and with protecting taxpayer dollars. Visit www.stlouis-mo.gov/comptroller to learn more about the Office of the Comptroller.