Burlington voters Tuesday approved the $20 million Net Zero Energy Revenue Bond, with 70% of voters supporting the ballot measure. However, a $40 million bond to improve streets and wastewater systems failed to achieve the necessary two-thirds approval.
The Net Zero Energy Revenue Bond will allow Burlington Electric Department to continue and expand the Green Stimulus incentives to transition from fossil fuel-burning cars and furnaces to electric vehicles (EVs) and cold-climate heat pumps. The bond also will support grid updates for reliability, technology systems to better serve customers, and new EV charging stations. City officials say it is “largely cost neutral to ratepayers.”
“The Net Zero Energy Revenue Bond is a first of its kind, fiscally-responsible opportunity that will bring Burlington one step closer to achieving some of the most ambitious climate goals nationwide,” said Mayor Miro Weinberger. “Thanks to the widespread support of Burlingtonians, the City now moves even closer to our critical goal of becoming a Net Zero Energy City.”
While the majority (57%) of voters supported the $40 million General Obligation (GO) Bond, it did not receive the two thirds majority required for approval.
If passed, the $40 million bond would have continued Capital Plan investments in streets, sidewalks, bridges, civic assets, and information technology and public safety infrastructure. Approval of the GO Bond would have resulted in moderate tax impacts over time. City officials will evaluate how to proceed in the wake of the bond vote’s failure.