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Centerville freezes some park projects while city preserves cash for year-end bond payment
Summary
City finance staff briefed the council on quarterly finances. Officials said the parks fund has limited cash and projects are on hold until a roughly $400,000 bond payment for Allenby Park is secured; the council also heard about wrap-tax receipts and a $1.1 million grant for Porter Lane improvements.
City finance staff presented quarterly financial results and told the council the parks fund cash position is limited, prompting a temporary hold on several parks projects until the city can ensure funds to cover a year-end bond payment for Allenby Park.
Finance staff reported the parks fund had a modest cash balance—on the order of tens of thousands of dollars—and that the Allenby Park bond payment due before year-end is just over $400,000. Council members agreed…
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