The Kearney Board of Aldermen convened on May 20, 2024, to discuss several key financial matters and approve an equipment lease purchase agreement. The meeting began with a presentation from Todd Goffy of Piper Sandler, who summarized proposals from various lenders regarding financing options for the city. After reviewing fixed and adjustable rate loans, the board selected Pony Express Bank's fixed rate of 5.5% as the most suitable option, which aligns with the city’s budget and includes a refinancing option with no prepayment penalties after three years.

Following the financial discussion, the board moved to read the proposed ordinance for the equipment lease purchase agreement. The ordinance was read by title only and subsequently approved unanimously on its second reading. This agreement is expected to facilitate the acquisition of necessary equipment for the city.

The meeting also included a financial report presented by Finance Director Stephanie Harris, covering the first month of the fiscal year. Harris noted that while there were some variances in revenue and expenditures, it was too early in the fiscal year to draw significant conclusions. Notably, fines and interest revenues were above budget expectations, while expenditures related to solid waste management were higher due to the timing of payments for household waste.

Harris explained that the overage in solid waste expenditures was primarily due to two months' worth of bills being processed in April, which was attributed to staff transitions and delays in accessing necessary billing reports. The board discussed these financial details, emphasizing the importance of monitoring the budget closely as the fiscal year progresses.

In conclusion, the meeting highlighted the board's commitment to prudent financial management and the importance of timely reporting and decision-making in maintaining the city’s fiscal health. The next steps will involve ongoing monitoring of the budget and financial performance as the year unfolds.