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Finance director: Fostoria will seek $70,000 appropriation after OPWC amortization change
Summary
The finance director told the committee OPWC invoices changed the city’s amortization schedule, requiring a roughly $70,000 annual increase in sewer and stormwater debt service; the director said he will bring appropriation legislation in June.
FOSTORIA — Finance Director Steve told the Fostoria Finance Committee that the city will need an additional appropriation of about $70,000 for debt service in the sewer and stormwater funds after Ohio Public Works Commission invoices updated the loan amortization.
"We received our invoices from OPWC for our July 1 payments on our outstanding debt," Finance Director Steve said, noting that the fiscal recovery plan had shown an estimate for that line item because part of the project had not been closed out. "It is now being advertised. So, it's $70,000 a year. So I'm gonna be coming to you with an appropriation for additional spending of 70,000 in the sewer and the stormwater fund, to accommodate that additional debt service for this year."
Steve told the committee the change resulted from OPWC beginning amortization after previously listing the amount as an estimate in the fiscal recovery plan; invoices that reflected the new amortization were issued May 12, according to his remarks. The committee did not take a formal vote on the appropriation during the meeting; Finance Director Steve said he will present the appropriation measures in June.
Committee members noted the timing challenge when financial obligations arrive on a timetable that does not align with the three-reading legislative cycle. One council member said emergency or expedited procedures are sometimes necessary when invoices or vendor actions require near-term payments.
No appropriation was recorded as approved during the meeting; the matter will return to a future council session for formal legislation and vote.
