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The City Council directed staff to update undergrounding financing models and evaluate cash flows and phased construction for upcoming districts. The financing-model update passed 4-0, while the cash-flow and phasing review passed 3-1; a proposed $425,000 transfer to the Pension Reserve Fund failed on a 2-2 vote.
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Staff will revisit how the undergrounding program could be financed and phased, including whether strategic financing could accelerate completion and reduce total costs. The Undergrounding Program Advisory Committee Finance Subcommittee will make an initial recommendation on financing guidelines before the matter returns to the Council. The Council also did not approve transferring $425,000 to the Pension Reserve Fund.
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