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City treasurer reports capital-note activity, flags small projected shortfall
Summary
City Treasurer Alan Owens summarized the 2025 capital improvement note and current capital projects, listed recent expenditures and said a modest shortfall on paper should be offset by future interest earnings; council asked for updated bids on the 3rd Avenue drainage project.
City Treasurer Alan Owens told the Lewisburg City Council the city’s 2025 capital improvement note remains on track even as projected expenditures leave a modest on-paper shortfall. Owens summarized the schedule of transactions for the note and listed recent transfers and project expenditures, then fielded council questions about uncertain estimates for major work.
Owens said proceeds from the capital note were deposited in September; the digitized transcript contains an implausible numeric figure for that deposit and the precise amount could not be verified from the meeting record. Owens did list itemized expenditures recorded in the packet: a recreation-area dehumidifier, Hobbs and Associates for $222,003.94 and Merriman Far for $230,005.63. He reported an available balance in the capital account of about $1,087,002 and said projected future interest earnings were likely to offset a reported shortfall of roughly $31,007.91 as larger projects proceed.
Council members pressed Owens on two large upcoming projects he named: a 3rd Avenue drainage project (transcript lists $485,002.50) and a taxiway/apron rehabilitation (transcript lists 333,750). Owens said the drainage figure is an older estimate and the city will rebid once design and bid specifications are complete, so the final cost is unknown until bids are received. “Until we get an actual bid that comes in … I don’t know what that number will be,” Owens said.
Owens also noted road-paving spending of roughly $137,100 to date against a $300,000 budget line, leaving a remaining budgeted balance for paving of about $162,900. He told council staff are handling a range of recreation projects, including window repairs that are still in the planning stage.
Next steps: the council requested updated bid information for the 3rd Avenue drainage work before authorizing major expenditures. Owens said staff will bring revised bids and the newest accounting of interest posted to the capital account at a future meeting.
(Reporting note: several numeric figures in the transcript appear inconsistent or garbled. The article reports amounts as presented in the meeting packet and transcript and notes where the meeting record appears unclear.)
