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City manager outlines plan to seek NMFA support for fire truck and to continue bond-funded street projects
Summary
City Manager Aaron Sera told the council staff is working with the New Mexico Finance Authority to complete purchase of a new fire truck and expects to seek gross-receipts-tax-backed debt at a special meeting; he also reviewed ongoing and planned bond-funded street projects and current gas-tax revenue.
City Manager Aaron Sera reported July 15 that staff is working with the New Mexico Finance Authority to complete purchase of a new fire truck after a prior request through the Fire Protection Fund was denied. He said he will present to the NMFA board on July 24 and expects to call a special council meeting to issue gross-receipts-tax-backed debt to cover debt service.
Sera recapped the 2022 general-obligation bond program, which voters approved by 72 percent to fund street projects. He said the city is currently working on about $2.5 million of that program and plans to sell another $2.5 million next year. The mayor and staff said they are considering placing a bond question on a future ballot to continue a $5 million two-year bond cycle.
Sera also noted that New Mexico Department of Transportation street funding for the year was limited and that the city’s street funding relies primarily on gas-tax revenues, approximately $350,000 annually. Finance staff (Liliana Pena) is finalizing budget items. Sera said the city plans to recognize local little-league teams at the next regular meeting.
No formal council action was taken on these items at the meeting; Sera indicated follow-up and scheduling of a special meeting and NMFA presentation.
