The city is currently managing two outstanding debts: the Certificate of Obligation from 2018 and the Certificate of Obligation Series from 2021. The final payment for the 2018 series is scheduled for September 1, 2042, while the 2021 series will conclude on September 1, 2040. The total outstanding principal for these debts amounts to $13,000,265,000, with an additional $5,342,250 in outstanding interest, bringing the total city debt to $19,454,938.

For the upcoming fiscal year, the city has budgeted nearly $850,000 to address these debts, with $390,000 allocated for principal repayment and the remainder for interest. The 2018 Certificate of Obligation was primarily issued to fund the construction of Fire Station Number 2 and the expansion of the police building. In contrast, the 2021 series allocated $3,000,000 for street repairs, with the remaining funds designated for facility maintenance and IT needs.

During the meeting, it was noted that $1,000,000 earmarked for street repairs in the current fiscal year remains unspent and will be carried over to the next fiscal year. This will allow for a total of $2,000,000 to be available for street repairs, combining the unspent funds with new allocations. Additionally, $312,000 is available for facility rehabilitation, although specific plans for its use have yet to be determined.

City officials emphasized the importance of prioritizing these funds effectively, particularly in light of the ongoing needs for infrastructure and facility improvements. The public works department will play a crucial role in deciding how to allocate the remaining funds for rehabilitation projects.