Finance staff told the council they had submitted the capacity review portion of the Drinking Water State Revolving Fund (DWSRF) application to the Maine Municipal Bond Bank and expected final loan approval at the bank’s August meeting. Nate, staff member, said, “They have everything they need. We are going to get the the loan. It we were hoping to get it in July. It looks like it's gonna be, set for August.”

Staff also updated the council on the city audit. Nate said he received an email from RHR indicating the auditors had the information they needed and that councilmembers would see a draft audit for review before the final stamped version. When asked, Nate confirmed the document the council will first see will be a draft rather than the final stamped audit and said staff expect to arrange a review session with the auditor.

On project financing, staff described a short-term bank borrowing to bridge funding for the Surrey Road project while the DWSRF loan is finalized. Staff said the intent of the short-term borrowing is to cover obligations for a short period (staff estimated “2 months max” in a packet example) and then repay the temporary loan once the DWSRF financing closes. In response to a council question about loan sizing, Nate said he requested a $2,000,000 borrowing capacity so the city would have headroom to draw what was needed rather than repeat the process.

Staff also reported that, as of the previous day, all four major bank accounts had been fully reconciled through the month of June; Nate thanked Ashley and the finance team for completing that work.

Ending: Staff told the council they will share the audit draft when available, return with details about the short-term borrowing on Monday, and proceed after the Maine Municipal Bond Bank’s August meeting.