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Finance director details debt payments, ARPA spending and tax sale date
Summary
Director of Finance Elaine Jones reported April debt payments on two loans (CDA loan and Piney Dam), the status of ARPA reporting and expenditures, and reminded the public of an Allegheny County tax sale scheduled for May 29, 2025.
Elaine Jones, the city's Director of Finance, presented the April written reports and highlighted recent debt service and American Rescue Plan Act (ARPA) reporting during the May 20 council meeting.
Jones said the city made its annual principal and interest payment on the CDA loan for the Municipal Center Building in the amount of $105,248.80; that loan was originally $2,800,000 and is to be repaid over 30 years. Jones also reported the annual principal and interest payment on the Piney Dam loan was $395,892.15; that loan originated in February 2012 for $5,222,000 and is paid from the monthly water surcharge. Jones noted that there are only three remaining annual principal payments on the Piney Dam loan and pointed the public to note 8 of the audited financial statements for a complete description of outstanding city debt.
On ARPA, Jones said the city submitted its fourth annual report covering 04/01/2024 through March 2025. She said the city received about $8.3 million in ARPA funding; for the fourth reporting year the city reported approximately $2.6 million of expenditures and total reported ARPA expenditures to date are around $6.8 million. Jones said all remaining obligated ARPA funds will be spent by Dec. 31, 2026. She also reminded the public that the Allegheny County tax sale is scheduled for May 29, 2025, and directed interested parties to the county website for details.
