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Council told city will advance funds to secure delivery of new fire truck; financing may be combined with pool project
Summary
Finance director said the city plans an advance to the police and fire levy fund to buy a delivered fire truck, with the intention of possibly combining financing with a pool project later this year to obtain better rates.
Christine (finance staff) informed Twinsburg City Council on Jan. 14 that a fire truck currently undergoing final inspection in Wisconsin is near delivery and the city must pay for it when ready. She said municipal financial advisers recommended advancing funds from the general fund to the police and fire levy fund now, then possibly rolling that advance into longer-term financing with the planned pool project later in the year to achieve economies of scale and potentially lower interest rates.
"He recommended, given the timing and given our general fund balance, that we advance the money to the police and fire levy fund and then we see how interest rates pan out towards fall of this year and maybe roll it in with the financing for the pool pack," Christine said. She said the truck is expected to arrive in the second week of February after a final inspection in Wisconsin.
Christine said she will present a declaration of intent to issue an advance at the next meeting; council will receive a formal financing recommendation when staff and advisers have more detail.
Council did not vote on financing at the Jan. 14 meeting; Christine said the next finance committee meeting will consider the formal declaration.
