Finance Committee. The intersections to my left. Thank you, MR. Chair Gary Cahill District. 23, thank you, MR. CHAIRMAN Mike joke District. 24, thank you, MR. Chair Brian Mowery District. 25 thank you, MR. Allen District. 54, I Thank you, MR. Chair d# # # Roberts or 4. Thank you. Chair Miscarry and Nelson District. 14 East side. Good evening. Maggie Lewis District 5 Frank miscarriage, district 19 southeast side with consent. I'd like to move the budget hearing around a little bit. First would like to hear the bond banking and the budget review and analysis consent. Is that? All right. Bonnie Bank is first. Is going to be real brief, right? What?
MR. Bush you like District 3 Washington Lawrence Township, thank you. Record. Last we have a hard copy zone. Read it. Thank you. That will go service. I think you MR. CHAIRMAN members of the committee, my name is Joe Glass. The executive director and general counsel of the Indianapolis Pond Bank. The Bond bank is a separate body in politic from the city of Indianapolis. It was created by statute 1985, to buy and sell securities on behalf of local government entities within Marion County. Since we are a separate entity from the city. We are not presenting a budget for approval, but appreciate the opportunity to update you on the goings-on at going ons of the bond bank. Some of our qualified. And these are the city of Indianapolis, Mary County Building Authority, Health and Hospitals Corporation. The Capital Improvement Indigo and the Indianapolis Airport
Authority. So we have a bond bank basically to streamline that management within local government in Marion County. We prepare bond acts engage with underwriters. Had the ratings process and doing continuing disclosure. So that are qualified entities can focus on their main purpose. So we subject matter. Experts and one agency reduce the duplication of work and administrative burdens on are qualified in these and centralize the debt management process. So that the 3 main categories of of activity, the bond big are planning capital improvements. We monitor the debt capacity of are qualified in these. We develop plans to finance projects. Different options include a direct placements, short-term
financing, such as bond. Anticipation notes or traditional. I mean, this will bonds and then we managed at at the the life of the bond. So we sell the bonds through an underwriter. We go through the ratings process. We administer the continuing disclosure process and we also participate in a surveillance through the rating agencies. We have 7 full-time staff members. We are governed by a member board of directors appointed by the mayor. All current board members have terms that expire at expire in APRIL 2027. This year. We had 5 major financings the 125 million dollars for the Indigo Blue Line Project the bonds were sold in the spring. And we had a large capital project at the airport, which
included the new onsite hotel. Finances that are still in the process include refunding Ys of the health and hospital debt that has been approved by the council. And we expect to issue that debt by the end of the year. There's general obligation debt a new storm, siren system, snow plows as well as a new fire station that has been approved by the council and will be issued sometime by the end of the year. And lastly, Old City Hall, we're issuing to rehab old City Hall proper as a part of a development of it w g which includes a multi-use tower on the north and the building. And we expect to close that financing this year as well. Next We anticipate issuing that 4 of the Metropolitan Verify District. So that is streets, sidewalks
and roads. We anticipate issuing 40 million dollars of debt pursuant to tp w's Capital Improvement plan. We anticipate issuing 50 million dollars and stormwater bonds as well as additional debt of the airport authority primarily for a baggage system at the Indianapolis Airport. So want to speak a little bit about credit ratings. Credit ratings basically prove provide assurance to bondholders that we are good for our debt. Every store security has its own unique credit rating. So for instance, stormwater Metro thoroughfare the separate qualified and he's like the airport and helping hospital and the city of Indianapolis have their special rating. There's 4 major credit rating agencies, Moody's s p Fitch in Croll and as well as reading individual bond issuances most
agencies completed annual surveillance of the cities overall credit. The work of the council is critical in maintaining our credit ratings things that are mentioned. Ratings include are 8 consecutive balanced budgets. The city's fund balance policy as well as the capital improvement plans of the Department of Public Works. To give you some highlights of some recent readings, cruel and Fitch. Both recently affirmed the city's a aaa rating. They cited the city's track record of structurally balanced operations, a vibrant economy with the growing tax base and moderately low long-term debt. That results in financial flexibility. Storm water was recently from Triple-a bike role in SEPTEMBER. Our metric there of her binds us to recent ratings are rated triple a and tif funds rate a double a stable by Fitch and s and p last
year. So appreciate your time and happy to answer any questions. Thank you. As last. Do we have any bonds retiring? Do they ever retire? Sure. So bonds are usually issued for it. Terms of 20 or 30 years and I'm not exactly what that we have rolling off a coming up the next couple years. Can certainly get that information to and total bonds are that we have out there is you have actual total somewhere. We do. I could get that. I don't have a fan, but I certainly get that for you. Cancer Nelson. Thank you, CHAIRMAN. Really quick director glasses for that. I know the answer. This was just for Publix education. Can you talk about kind of unique nature of the old city hall bonds? And how will be how it is structured by that developer. Everything else. So we are issuing debt We have
old City hall. We will use the proceeds of the bond. He's in the presence of the bond issuance to make a loan to the developer. The developer will in turn. Is that loan to make improvements to old City Hall? We will retain ownership of Old City Hall until that loan is paid off, which we expect to be in 10 years. Thank you, director. And then just a quick comment. I noticed on year. Talking about the city's credit reining in its health. Specifically, it's bright growing property tax base and and encourage my colleagues. Take a look at article that was in the Capital Chronicle published by the I b j in relation kind of the in director Tertiary effective sb One. I know we've talked a lot about that as a related around
the spring fiscal time right after sb One was passed. But really the threat of sb One outside of just the impact on our property tax revenue. But the potential excuse me, potential impact on our credit rating agency. Our credit ratings, which will make. Barring more expensive and more challenging. So look forward to learning more from you. Director Glass fm and others who will be I know very vigilant on this but I think folks really need to be aware that it wasn't just the impact on on property tax revenues, but it will be an impact on our potentially on our balance sheet in our ability to borrow in the future. And I hope that something that the General Assembly really takes a hard look at because it affect city of Indianapolis, but all local municipalities and the entire state. So thank you, MR.
CHAIRMAN thank you. Any other comments and counselors. Seeing none anyone, the audience would speak on this. Absolutely stunned step up to the plate and state your name. Hang on. Hang on, clerk read to you. Glamour. Before we open the floor to public comments, we would like to remind the committee members and the public a few ground rules. So everyone can have a fair chance to speak and be hurt. It is important that we each the following rules first, each speaker will be limited to 2 minutes. Second, any public coming months reasonably relate to the agenda item under consideration. Thirst speakers from stray away from the item under consideration or become unruly repetitious MAY be next
to. To be removed or move on to the next point or conclude your comments. Finally, attendees was called disruptions that prevent the committee from proceeding to tonight's agenda in a reasonably efficient manner will be removed. Please remember that any types of burdening speech or enticement to violence are not protected by the First Amendment at all. We will deal with those issues if they come up. You know, floor 2 a yes. I've been trying to get the attention of multiple different government entities to city County and state reference to. Taxes that we were just talking about reference to her we're dealing with that and have the state going least that.
Just practicing into so with that reference what the council was talking about. I just some research with reference to my area. The side. So I said 27 properties of those 27 properties. Not a single one of properties increase in 2022. To 2025. If they had assessment of what they just assessment increase what they just did 2020 for 2025. Page 2026. We've also 12.4 million dollars in assessed by. That's a lot of taxes. Commercial properties, other commercial properties. I 18 don't 16.8 million dollars in assessed because they did receive a single increase, not one pay from 2022. To 2025. 2025 the assessor decided she to an average of 14% increase
on those properties. Mark gee, maybe fast. The industry. I went there for 7 years in the 7 years. My properties with at 64%. 64%. What you're talking about is this homeowners. It's not new for commercial properties and industrial properties. I have the proof. Right here. I suggest somebody this forward. Do this took about 30 minutes? Our assessment being correctly. Thank you. Thank you. Else make audience seeing them. Thank MR. Glass. Up next is the budget review. Proposal. 2.59 to have that anybody. With that within the budget that has been presented over the last the course of Is anyone changed? There is any real budgets changed
whatsoever. And so let me let us know. To have a motion. For frozen 2.53 Lead. MR. I I just wanted to explain my vote tonight, which I will not be supporting I think it is. I don't I don't want to be unreasonable and not voting for public works. And then to simply take sort of the minority caucus position say there should have been more public works money. Not supporting this because I believe this is the area that most if I had been doing about it, this is where I would have made additional And I would call out, I think specifically the IOUs, a budget that was not part of the they were excluded from the 4%. That alone would have been about one and a half million dollars there. So that's the rational for money. Thank Thank you.
Cancer. Lucy's anyone else. Chair movies and proposal to 59 a full council. The do pass recommendation. Well, all those in favor say Aye. Aye opposed. Thank you. All right. Up next is proposal. 2.73 who's presenting that? Absolute couple comments. Thank Thank you, MR. CHAIRMAN. I will be introducing an amendment tonight to proposal 2.73 the controller will get into more detail on this and I'll make a few comments even at the end. But we have some exciting developments. Thanks to the hard work of of our public servants, the d m d that's going allow us to reallocate some dollars and the stand alone. But to still meet the objectives of the stand-alone, which our infrastructure and safety, homelessness, intervention and prevention. So the controller again will provide an overview. Then I appreciate
the opportunity for a additional comments before formally offering the amendment that works MR. CHAIRMAN, you, You have to borrow that that work. Yes. All right. You have the floor every. Good evening controller Abby Hanson. This fiscal was introduced alongside the 2026 budget and it is part of the budget package. We are as we're building the a fam is also closing out our prior fiscal year. And doing our year in financial reporting. So for the last few budget cycles, we have introduced a fiscal alongside the budget that makes investments with the understand that we identify from the prior year. We hadn't heard this proposal thus far because we have an exciting opportunity. As
counselor Nielsen mentioned that force us to delay the hearing of this proposal. We worked closely with the council on setting the priorities of the fiscal knowing that we will have an additional 100. Knowing that we will have an additional 100 million dollars in road funding in 2027. We set aside 10 million dollars to begin design on projects, ensuring that new projects are ready for construction we receive funds. And then secondly, your original fiscal set aside 10 million dollars for the streets to home in the initiatives. As these discussions were happening, we submitted a request to hud to reallocate 5.9 million dollars in a grant we had already received called home a r p. The funds were originally supposed for a permanent supportive housing project that fell apart. The deal couldn't get closed and we didn't want to lose the opportunity to utilize that
funding. So we requested hud's approval to reallocate the remainder of the funds and that grant to the streets to home in the initiatives we approval on SEPTEMBER. 15th, which allowed us end of the fiscal to accomplish some additional priorities without reducing our original commitments. Here are the programs that the fiscal funds, which I will cover and brief Depp's in the remainder of the presentation. And as a result of the additional hud funding, this fiscal amendment, Alec reallocate its 5 million dollars of the streets to home in was originally Dmd 10 million dollars. We have been able to reallocate half of that. So the column labeled a fiscal funds are the amounts that are allocated to each program in the amended fiscal, the total commitment column is the
amount in the fiscal and reallocation. So it's the full amount between those 2 funding sources. The fiscal funds, 3 dpw related priorities. So first, the home air p reallocation allowed us to dedicate a million dollars to pedestrian and traffic safety initiatives which gives dpw the ability to be more reactive to safety challenges as they're happening. We are also adding an additional 2 million dollars to strip patching. And then finally, we were able to increase the design funding by 2 million dollars for a total of 12 million to start designing those projects for 2027. The fiscal will allocate 4.2, 5 million to streets to home initiatives through Dmt, however, with the included hud funding. We are allocating a
total of 10.2 million dollars. The 10 I should be clear. The hud funding is not included in this fiscal dmd does not need an additional appropriation for it. They have the ability to go ahead and program it. It's just I want to include in this conversation because it informed of the decisions that we made with the amendment. Finally, the Fiscal amendment is allocating $750,000 in funding to the tenant advocacy project through a phs. So here's a bit more detail about the dpw funding. The map on the right shows, the prospective projects that will be designed through the 12 million dollars. And I know it's hard to but they are designated in green and red and blue. And then the yellow segments are the ones that are being considered for the 18.0, 18 million dollars in strip
patching funding. That will be available in budget funding. Plus, the funding from this fiscal gets us to 18 million dollars. And then finally, like I said, there's a million dollars for dpw capital to address pedestrian and traffic safety issues. So has a reminder streets to home in the is a strategy that's a 3 phased initiative with the goal of Ending Street in chronic homelessness. So there's 3 pillars to the strategy that we are able to divert household from entering homelessness. We are increasing the housing supply of affordable housing through master lease or permanent supportive housing and creating a substantial a sustainable process that uses a mix of other sources of
funding. So the fiscal and the hud funding together allows us to address needs that fall within sight. The strategy. Then the final piece of the proposal is $750,000 in funding for the tenant advocacy project through a phs which is a complementary strategy, 2 streets to home. Andy. Tap partners with legal aid to provide in court eviction defense. Preventing displacement in addressing root causes of homeless housing instability. Due to financial constraints during the budget Phs requested just $750,000. And with the plan to continue to work with their philanthropic partners, too. Still the remainder of that. After we introduce the budget. Okay. Just learned there would not be additional philanthropic support available. And so this funding
allows us to continue our current scale and provide services to more. Marion County residents. So there are representatives here from dpw Dmd Eno ph s who able to answer any programmatic questions that you MAY have. Thank you have I understand we have an amendment for this. We'd like to present it him. Yes. Thank you, CHAIRMAN. Just before make this motion, Madison was 1, 1, more minute at the okay with you. And then I'll just move motion. So against not to be in any way repetitive with the controller said because she cover that perfectly really want to emphasize what an opportunity the hud. Amendment has provided here. And in budget process, we heard pretty pretty clearly a meeting, a
focus on pedestrian traffic safety. As for making a million dollars investment and that plenty of work to go helps prepare us for 2027 and be on for the 100 million dollars coming in. That tripling the strip patching budget compared to the 2025 budget and again making a substantial investment in homelessness, intervention and prevention and flexible funds made available. And fiscal combined with what is in the d-Md. Is the those dollars folks really need understand that those dollars provide flexible funding necessary to take the most effective, the most humane and compassionate and the most fiscally responsible approach to solving street homelessness. This investment is a down
payment in that effort and we know we can't do it alone. This initiative led by the mayor but supported by 9, o many on this council. Does require those in the business, the philanthropic, the faith community, civic community, to also be a part of the solution. But this is local government really demonstrating that we need to be leading on this and this investment to this fiscal and the dmv amendment or amendment really does that just really want to emphasize what we're doing here in the strategy that we are taking are about again, the most effective, most compassionate, the most fiscally responsible way to solve this problem. So with that MISTER Chair, I move to amend proposal. Number 2.73, by adding the below included modifications being stricken
through and added and adding the language that has been under line to read as follows. And council pierce join me to read all of that. He just incorporated by reference. By reference to Section one section to now. Ok, thank Appreciate it. I so move MISTER CHAIRMAN. He's been moving segment. All say. I great question. Grant apologize. Thank you, MR. Chair. Just And I'm not sure who can answer this past. But on grant is is it extra money or was it contingent on us through this? I would say either it was money that we have been awarded to program. We originally said we were going to support Sir,
permanent supportive housing development. That's not going to come to fruition in the in the time in which we need to spend the funds. So we art granted the opportunity to reallocate it. And this seems like a great opportunity. Dmv is welcome to up and say if I'm wrong. Thank And just I I will say I had significant reservations about the original proposal. But I think all of those are addressed with the with this. This allocates. What I would like to see in terms of public works. And I appreciate the streets, the home project. I think there. Widespread issues that. Some sort of response. But I think the heavy focus on infrastructure spending is is the best use resources thinking. The other counselors. Cancer Thank you, MR. CHAIRMAN, thank you. Council boots. So a couple
question. One on the public works portion of the amendment. So after every council meeting I go and do this media circuit and talk about what happened at the council meeting and regardless of what happens at the council meeting, always end up talking about all roads in sidewalks. And so my question specifically is how did we identify those potential locations as far as that 2 million dollars for the strip. Patching, if you can speak to me in Lehman term, how do we determine that? Good afternoon, toggles and direct. The Department Public works. The community here. So how do we hit the potential locations for For 2026. So utilized pci. Yeah, we need the traffic's Use pothole of marriage act
and center a system or in a weighted. For to come our health so see what the red, green and blue are. What we have program, those ones that you know, are the ones that are back special for our hacking program for 2026. Now we all understand what we're going to your first trip until we get to where see how weather. So do this to one of the reporters that I'm going check that after the council meeting. How much with this? If we get everything in that how much with that cost? The city of Indianapolis? So I about the entire. Whenever you see on that map. But we just calculated on the 16 million dollars that we the l a. Use. And that's about 200 lane
miles Passion for. Conservatives. Later there. It's this saying Explain. You know say? In a way treat conditions through How are we projecting certainty for 27 when he winning the? We had? No, sir, best. A 5 7 are part of our Capital improvement program. So the girl a research it very strange all that. No doesn't mean 0.6 You're going to that thing. Mission he was with the media focuses should The use possible a roller. This critically important with her. A was late. Very data
points in is our high rate of mutation city. Well, have a. Said We have lost some of the philanthropic support. A little better. Now we're not supporting. I here. Is there anybody in the room do that? Emergency director of the Office Health and Safety? Cause the question. Take. It would be. Challenging to answer that question considering that we would like those persons in future. And it wasn't because the tea. You know, we're all experiencing financial the school is to our part to where she I don't think it would be appropriate to call partners. Love like
most part and thank you. Thank you. I wanted to just to build leader loses comment to say that the data that dpw has come up with for my district for these the roads and yellow, the highest priority. I know they have done a ton have to get there. But I can tell you from constituent calls it is it is an exact match to what I hear. So I I applaud that. That's that's always nice to see Shelby streets, the big a stretch in my district and I hear about it every day. So. Any other questions comments because counselors and make with Lewis. Sorry, MR. CHAIRMAN, I promise to be brief in size might take a second to level set the tap. What was the span last year? The last couple years in that in that space? I
spend talked It Very close It's over 50,000. Believe that will allow us Was a secure work, which Additionally, we told that for 1st half news should really careful. Precision there to move us forward. Correct hopefully get some additional compensation for cities. Well, that someone actually, well, any of these funds go directly to. Constituents to those individuals like you talked to me a little bit about that. So public not be for rental assistance, although we do believe critical. He's too picky lows. House. I think conversations with trustees are critical so that we can begin understand how each of the 9 trustees. How we get the funding that they have. For rental assistance to constituents are to our tenants. Faster and that we identify tenants who are going
to face eviction preemptively so that we can work with trustees. And so that'll be our goal as we move into 2026. For that assistance Thank Counter moves. Follow-up. Director player they're sorry. The Just to clarify. Can you distinguish between our the Superior Court project with Judge math? And refer to Lawrence Township program with Judge Bacon. Absolutely might get into the weeds a little bit. But the tenant advocacy project is providing legal legal assistance to the tenants. So that is a one-sided legal assistance and that is because landlords often come with legal assistance with their attorneys. And oftentimes most of the time it and does not have that. So that is our
attempt to provide that legal assistance. We also and what is called a navigator, which is a case manager who is helping walk that tenant through the process of of court that day. They're also following up with case management with those tenants after report. The Eviction Diversion Initiative, which is the program out of Lawrence Township, provides a facilitator that is also an attorney. But that attorney is neutral. So the the goal is for that facilitator to work with both. Attorneys for both parties and come up identify a solution that the judge would be willing to. Agree to. So that hopefully we can keep that tenant. From eviction or at least find the most. The best outcome for that tenant. That is not that that maybe
Penn State or some other solution, right? They're that program also has navigators those very very similar roles are navigators. And so that's really the piece that we need to figure out how to combine so that we done and the resources that were provided variant really metrics showing success rate of either program. As far as the dei program, you would you would have to we would have to talk to Judge Beacon to those metrics. But okay, just does have metrics for our programming. And we also have a report that was issued. Last year early this year demonstrating that both quantitative and qualitative results for for that to nafta. See project. Recirculate that report. Sure. Group, yes. MR. CHAIRMAN. Yes, the loose. I last question promised on you, there was some public safety
law. Will any of these be able to be used for the immigrant legal services and counting as tried explain this to me. So I called incident. So as can many of these funds really be used for that. Service different immigrant. And if an immigrant is a tenant and those 2 either Superior Court or the township, small claims courts. And they don't they're not represented. They could absolutely access legal aid through tap. But the Immigrant Legal Defense Fund is a separate pot of money goes to the Indian Indianapolis Foundation. Got it. Thank you so Thank you, MR. Thank Council. All right. Thank you. Anyway, public and speak on this. A motion. Those in favor as amended I. So we amendment
for They For the amendment say aye. I oppose 2.73 has a mandate go ahead as go ahead, MR. CHAIRMAN, MR. CHAIRMAN, I move that we sent proposal number 2.73 As amended the full council to do pass recommendation moving its second. All those in favor say Aye. Aye opposed. Thank you, You're going to stay there for the next one. I about proposal. 2.75 and. You have next. Good evening. My name is Jason Bateman. Officer Finance and management. Discussed proposal to 75, which is the second of 2 proposals required by Indiana code to reallocate counties, local income tax fiscal year 2026. First proposal to 74 was approved by
the full Council in SEPTEMBER. 8th and outlined the plan for reallocation proposal. 2.75, which is before you tonight sees to implement that plan. I will do my best to answer any questions. Thank you. Anyone any questions or comments? Seeing any with the audience like speak on this. Seeing none entertain a motion. Moved and second, it all those favor say opposed. That was quick. All right. Last his proposal to 87. And there's the power and light be a a s present this one. Cancer heart. You not you're just I appreciate the opportunity for evening to committee members here. So essentially, you know, I'm introducing this proposal and
brought here today because, you know, obviously had a lot of conversations about data centers and recent weeks and months of the topic of of energy was at the forefront of those conversations. What the same time we're seeing a lot of conversations about 80 s in there proposed rate hike in front of u r c. And, you know, on top of that, you know, it's even been alluded to this evening as we're talking about, you know, Senate. But we're talking about, property taxes, people are feeling these things are feeling the rising property. Taxes are feeling the rise in the grocery bills and they're seeing it at home. And the last thing they need to see is an additional rise in the utility bills. And we're the largest city in the state. We've got the largest body of representatives and we represent over a million people in the city of Indianapolis and we speak for
those 1 million people and nearly 1 million people. And so I really want to take this opportunity send a message at the end of the day. And that's what I want to do. Want to send a message to 80 s. I want to send a message to the governor and I want to send a message to the u r c that the people of Indianapolis don't want to see a rate increase. Michael Hart doesn't want to see a rate increase and ask for your support that we do not see that we urge these folks to not see a rate increase as well. What this proposal does is it takes a formal vote as as our position as the council to send that message. Essentially, we are urging 80 s first to withdraw their petition to the u r c If they fail to do that. This continues on and urges the irc to vote no to that petition for a pay increase after after we finish our vote and move forward. What happens is that
we will send a letter to both the iu rc and the governor stating our position representing the great people of Indianapolis that we do not support and utility rate hikes to the city of Minneapolis or 8 years rate payers. That's that's what we've got. Chair. Thank you. I'd like to be and it is a co-sponsor. Anyone else would like to be added to co-sponsor hansonville raise your hand. So far. Majority here you guys. You know, it's needed and I have people in my district live in these old houses that are just s# # # # # # up the energy, the pan $700 a month and electric bills. It's knots. So absolutely. I support says any other councilors have any comments or questions? Seeing none. Thank you, MR. Chair. I move
that we send proposal to 87 back to the council with a view pass recommendation. I think we need to open it up to public. First any within public pushed like to speak on this. That step up state. Your name. You're gonna get 2 minutes. You probably already heard the. Disclaimer. We had. Yes, thank you. Chair members of committee are also executive Director Citizens Action Coalition. Just one Thing Council counts are paying for the resolution, offer our full support Citizens Action. Coalition folks who heard and nothing much about the rate case. But we agree folks can afford this rate increase. The city can't afford this rate increase and we offer our support resolution. Thank you. Time. Thank you. Anyone else from the general public speaker on this. Seeing none. We it's been moved. And second, all
those favor say aye. I oppose none. Thank you. Seeing, you know, any We are adjourned.