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Radford City work session reviews budget options and a $4 million short-term borrowing plan
Summary
City staff presented a three-option plan of targeted cuts and efficiency measures and outlined a payoff schedule for a $4 million revenue anticipation note, proposing an October payment and a larger December payoff with a goal to retire the note by next June if revenue projections hold.
David (city staff presenter) walked Radford City Council members through the city’s fiscal 2025–26 budget during a work session, explaining why the operating picture looks larger than it is and offering three cost-management options alongside a plan to pay off a $4 million revenue anticipation note (RAN).
David said much of the headline growth in the citywide budget results from higher purchase-power charges passed through the electric fund and from school-related debt service. "When you factor that in, you're now looking at comparatively, you know, $68,000,000, 4 5 years ago to $71,000,000 here in this current year," he said, adding that backing out AEP (purchase power) and certain debt service produces a much closer baseline. He also summarized the city’s major fund totals: a roughly $35 million general fund, a $28 million electric fund, and a $6.3 million water fund.
On revenues, David reported property valuations had risen substantially: "Our taxable is 55 percent at $1,100,000,000 and then non taxable is $981,000,000 with…
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