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Warrenton finance officer reports $2 million payment toward I‑70 interchange loan, projects earlier payoff
Summary
Finance Officer Megan Welder told the Board on Dec. 3 she paid $2,000,000 toward the Route I‑70 interchange loan, lowering the balance to around $2.5 million and projecting payoff by the second quarter of next year — about 11–12 years earlier than planned, saving an estimated $2 million in interest.
At the Dec. 3 Warrenton City Board of Aldermen meeting, Finance Officer Megan Welder presented the monthly financial report for October and reported a $2,000,000 payment toward the Route I‑70 interchange loan.
Welder said the payment reduces the city’s outstanding balance to about $2.5 million and that, with current plans, the loan is expected to be paid off by the end of the second quarter of next year — roughly 11 to 12 years sooner than previously anticipated — which she said will save the city more than $2,000,000 in interest. "This loan is now expected to be paid off by the end of the second quarter next year which is 11 to 12 years earlier than anticipated which is saving us over $2,000,000 in interest," she told the board.
Welder outlined revenue gains year to date: sales tax collections exceed the general fund budget by $219,000; transportation fund collections are $76,000 over budget; and interchange fund revenues are $173,000 over budget. Other taxes are $27,000 over anticipated revenue, driven by motor fuel tax receipts. Charges for services show a $51,000 surplus largely tied to penalties and pool transactions, while license revenues are $64,000 over projections on single‑family and multifamily building permits.
On the expense side, executive expenditures exceeded budget by $120,000 because of attorney fees; pool expenses were under budget by $84,000 due to vacancies and lower chemicals and maintenance costs; street spending was $196,000 under budget largely because a budgeted traffic study will be rolled into next year; and water and sewer operations reported year‑to‑date variances driven by salary and repair timing.
Welder also noted the city is under year‑to‑date budget for grant revenues tied to the wastewater treatment plant project, but that those funds will roll into next year. The finance report and the loan payment drew appreciation from the board.
Ending: The board accepted the financial report; Welder said the loan payoff timing and revenue trends will be reflected in future budget planning and that the city will continue to monitor grant timing for the wastewater project.
