The State’s Capital Debt Affordability Committee (CDAC) chaired by State Treasurer Nancy Kopp, approved a recommendation during its meeting on September 28 to set the State’s bond authorization at $995 million for the coming year. The vote to approve the recommendation was 4-1, with Treasurer Kopp voting against.
Department of Budget and Management Secretary Brinkley raised the recent revenue write-down when speaking in favor of the recommendation. Treasurer Kopp spoke to the importance of investing in infrastructure when explaining her vote.
CDAC, created pursuant to Section 8-104, et seq., of the State Finance and Procurement Article, is required to submit to the Governor and the General Assembly each year an estimate of the maximum amount of new general obligation debt that prudently may be authorized for the next fiscal year. Today’s recommendation will be forwarded on to the Governor and General Assembly for their consideration.
For more information, see the September 28 meeting materials and Debt Affordability Committee Begins Work, With New Context.