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Hoyt accountant recommends possible sewer loan payoff, trash-rate increase and water reserve
Summary
City accountant Matt Deutsch told the Hoyt City Council the city could consider paying off its remaining sewer loan in 2025, recommended creating a water reserve fund and warned the solid-waste fund may need a rate increase because of higher trash-service costs.
Matt Deutsch, the city accountant, presented a 2024 year-end financial review to the Hoyt City Council on Feb. 4 and outlined several recommendations for 2025, including the possibility of paying off the city's remaining sewer loan.
Deutsch said the council could make the regular sewer payment in March and then reassess a full payoff in September. He also reviewed the special highway fund and recommended the council evaluate street repairs after winter thawing. On solid waste, Deutsch said higher trash-service costs mean the solid-waste fund will likely need an amendment and that the council should consider raising trash rates soon. He recommended creating a dedicated water reserve fund and described the balances and allowable expenditures from the Capital Improvement Reserve Fund and the Municipal Equipment Reserve Fund.
The recommendations do not constitute formal action; the council discussed timing and asked staff to return with numbers. Council members did not adopt a rate increase or a loan-payoff plan at the Feb. 4 meeting; Deutsch's recommendations were presented for council consideration and future scheduling.
Next steps: council members agreed to consider making the regular sewer payment in March and to review the loan and potential rate changes again in September, and staff will return with cost estimates and ordinance language if a rate change is proposed.
