Englewood board approves $3 million emergency loan from sewer fund to shore up stormwater account

Chair Moore and utility staff told the Water and Sewer Board on Jan. 13 that the storm drainage fund faces a near‑term cash shortfall caused by final invoices and debt service tied to multiyear capital projects.

Deputy Director Peter and Sarah presented a proposal to bridge that gap with a $3,000,000 interfund loan from the City of Englewood sewer enterprise fund to the storm drainage fund for a one‑year term and a 3% interest rate. Staff said the loan would cover outstanding obligations, maintain operations, and avoid an immediate rate increase for stormwater customers.

Staff detailed the components of the shortfall: final invoices and retainage related to the South Englewood flood reduction project (about $1.6 million), payments on the Old Hampton utilities stormwater work (about $632,000 paid in December and roughly $850,000 remaining in contract work), and near‑term debt service including an SRF…