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Burbank reports healthier 2025 finances and pays off long-running water loan
Summary
Fiscal Officer Gary Harris told council the village closed 2025 with higher-than-expected revenues and lower-than-budgeted spending, paid off an Ohio water-development loan originated in 2001, and reported only $2,754 of remaining debt to be retired by 2051 under current schedules.
The Village of Burbank closed its 2025 books with stronger-than-expected results, Fiscal Officer Gary Harris told council at the Jan. 8 meeting, and the village paid off a long-running water loan that began in 2001.
Harris distributed a 2025 Financial Summary showing the year produced higher revenues and lower spending than budgeted. He reported the village paid off what the transcript calls the "Ohio Water Development Loan" that started in 2001 with an original loan amount recorded in the meeting as $222,739.19; Harris said the village "never missed a payment [in] 25 years." Harris also said the village’s remaining debt stands at $2,754 under current schedules, with annual payments of roughly $108 and an expected payoff date of 2051 under those terms.
Council authorized the Fiscal Officer to publish the annual announcement that the 2025 financial reports will be available for public review (motion moved by Marti McCord, seconded by Ingram McCord; vote 5-0). Harris said his planned analysis of available grant opportunities, which would use the year-end results to identify potential applications, was delayed and will be delivered at the Feb. 5 meeting because month- and year-end closings required more time.
What’s next: The 2025 financial reports will be published for public review as authorized; council will consider grant opportunities at its February meeting.
