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Hertford council approves $325,000 from fund balance and authorizes $325,000 debt for new fire truck
Summary
Town leaders voted unanimously to use $325,000 from the town’s Fund Balance and authorize financing for the remaining $325,000 to purchase a new fire truck; Manager Janice McKenzie Cole proposed seeking a USDA or bank loan for the financed portion.
The Town of Hertford’s council voted unanimously April 24 to fund half of a new fire truck from the town’s Fund Balance and to authorize debt financing for the other half.
Town Manager Janice McKenzie Cole proposed using $325,000 from the Fund Balance as a one-time expense and financing the remaining $325,000 through either a U.S. Department of Agriculture loan or a bank loan. Councilwoman Sandra Anderson made the motion to approve the plan, and Councilwoman Connie Brothers seconded; the motion passed unanimously.
The council did not detail loan terms at the meeting; Council members approved the funding approach as a policy direction for staff to follow up with formal financing arrangements. The decision was recorded as a formal motion and passed without recorded opposition.
Next steps identified in the work session call for staff to pursue financing options and return to the council with proposed loan documents and any recommended repayment schedules or budget adjustments needed to support debt service.
