The city is now grappling with what Councilmember Barry Graham called a “staggering” shortfall that threatens future efforts
By Sam Kmac || The Arizona Republic
The city is now grappling with what Councilmember Barry Graham called a “staggering” shortfall that threatens future efforts, ranging from essential public safety facility upgrades to the installation of a new concert stage at the civic center.
The projects were all part of Bond 2019, a voter-approved initiative that authorized city officials to take on $319 million in debt that year. The goal was to use that money to fund about 60 projects citywide.
Staffers didn’t predict the record-high inflation when they put the program together ― anticipating a cost increase of no more than 20% by 2023, when costs have actually risen by nearly twice that. They also botched at least one project pitch when they told voters it would be smaller and nearly $12 million cheaper.
