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San Antonio City Manager Erik Walsh has proposed a $442 million bond for fiscal years 2027–2032, a package staff say the city can support without another property-tax rate increase. Some council members want a larger program to reach more infrastructure projects, which Walsh said would require a rate increase. As of October 3, 2026, the amount, project list and election date are still proposals—not a final ballot measure.
How much is San Antonio’s next bond?
Walsh briefed City Council on September 30, 2026, on a proposed $442 million bond for FY 2027–2032. The San Antonio Current described it as the city’s smallest bond in more than two decades. Walsh characterized the proposed scale as “what the city can afford,” as reported by the San Antonio Current.
The figure is modest against the needs under discussion. The Current reported that Walsh’s presentation included a roughly $5 billion wish list of infrastructure projects that could be covered through bond funding. That is a reported list of potential needs, not a final costed program or a commitment to deliver those projects.
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The central tradeoff is the size of the program against its effect on property taxes and the number of projects it can cover. Staff present $442 million as supportable without another property-tax rate increase. Some council members, particularly those representing lower-income districts according to the Current, have argued for a larger bond to address more projects. Walsh said a larger package would require another rate increase.
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A smaller bond would leave more infrastructure needs competing for limited funding. The question is not simply whether the city should borrow; voters and council will be weighing how much work to include against the tax impact and what should take priority across neighborhoods and downtown.
What does the bond have to do with the Spurs arena?
The proposal includes $35 million for infrastructure improvements around Hemisfair. Walsh said those improvements must be completed for a new Spurs arena to proceed. The arena is the centerpiece of Project Marvel, a proposed $4 billion sports and entertainment district, according to the Current. The bond proposal concerns infrastructure, not construction of the arena itself.
City officials also hope the Texas Department of Transportation will contribute $85 million toward downtown improvements, including work around Hemisfair. The city and TxDOT had not reached an agreement as of Walsh’s September 30 briefing, so that support is not secured. The proposed $35 million bond allocation and hoped-for $85 million state contribution are different figures in different contexts; they should not be treated as committed pieces of one final budget.
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The Current reported that Hemisfair improvements had previously been estimated at about $220 million. It also reported that the city removed a planned $85 million Alamodome parking garage from Project Marvel. Walsh’s presentation did not clarify how, or whether, the parking need would be addressed.
When could San Antonio vote on the bond?
A public vote could take place in May or November 2027, depending on when Council puts a final measure on the ballot. Council was expected to discuss the bond again on October 14, 2026. Neither the election date nor the final proposition is settled; both depend on council decisions.
Walsh said that if voters reject the bond, the city “would have to reexamine where we’re at with the whole thing,” as reported by the San Antonio Current. That makes the vote consequential for more than the bond’s project list: city officials say the Hemisfair infrastructure is necessary for the arena plan to proceed.
How does the proposal compare with San Antonio’s other capital plans?
The proposed bond is separate from both the 2022 bond program and the city’s broader capital-improvement plan. The City of San Antonio reports that voters approved a $1.2 billion, 187-project bond program on May 7, 2022; 72% of those projects were complete or under construction as of June 2026, according to the City’s 2022–2027 Bond page.
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The city’s FY 2026–2031 Capital Improvements Program totals $4.1 billion across 327 projects, according to the FY 2026 Adopted Budget summary. That is a wider six-year capital plan, not the proposed 2027 bond. The city’s 2022 bond covered six propositions: streets, bridges and sidewalks; drainage and flood control; parks and recreation; library and cultural facilities; public safety facilities; and affordable housing.
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What remains to be decided?
Before residents can judge a final ballot measure, Council still needs to settle the proposal’s size and project list, choose whether and when to call an election, and clarify how expected outside funding and unresolved Project Marvel needs fit into the plan.
Quick Recap
- Bond size and project priorities: whether to keep the $442 million proposal or pursue a larger package with a possible property-tax rate increase.
- Ballot timing and language: whether the measure goes to voters in May or November 2027 and what projects it ultimately includes.
- TxDOT participation: whether the city secures the hoped-for $85 million contribution for downtown improvements.
- Project Marvel details: how the city addresses the parking need after removing the planned Alamodome garage from the project.
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