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Council approves debt-reimbursement authorization, MPO planning funds and new workers' comp policy
Summary
Bristol council approved resolution 26-75 to preserve the city's right to reimburse capital expenditures with future debt (up to $10 million), resolution 26-76 to accept FY27 MPO planning funds totaling $68,482.35, and resolution 26-77 to switch workers compensation coverage to Key Risk Insurance Company, noting roughly $72,000 in savings.
Bristol, Tenn. — The Bristol City Council on June 16 approved three routine but consequential resolutions: a debt-reimbursement authorization, the city’s annual metropolitan planning organization funding agreement, and a change in the city’s workers compensation insurer.
Resolution 26-75 (presented by Director of Finance Holly Barron) declares the city’s intent to reimburse certain capital expenditures with proceeds of bonds or other debt obligations in an aggregate principal amount not to exceed $10 million if such debt is issued within six months. Barron said the resolution would allow reimbursement for capital expenditures including facilities improvements, vehicles and equipment and that the FY2027 budget was prepared assuming many capital items would be funded by a debt issuance. Council members discussed the financial approach, with one member saying borrowing can be a responsible tool depending on how it is used. The council voted to approve the resolution.
Resolution 26-76 (presented by Micah Bray) authorizes Bristol to enter an agreement with the Commonwealth of Virginia for Federal Highway Administration metropolitan planning funds for the Bristol MPO for FY2027. Bray reported FHWA funding of $54,785.89, Commonwealth transportation funds of $6,848.23, and a required local match of $6,848.23, for a total of $68,482.35 to support regional transportation planning work.
Resolution 26-77 (presented by Director of Administration Mary Lee Williams) authorizes the city to obtain workers compensation insurance from Key Risk Insurance Company. Williams said the award would save the city a little over $72,000 compared with the incumbent quote and that the savings had been budgeted; a council member declared a recusal prior to the vote. Council approved the resolution after discussion.
Each of the three resolutions passed during the meeting in votes recorded on the evening’s consent/actions portion of the agenda.
