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Finance director outlines $18 million borrowing plan for paving, vehicles and building projects
Summary
Finance Director Kathleen told the council the $18 million borrowing includes a long‑term piece (about $14,000,700) for paving, sidewalks, lighting, parks equipment and building improvements and a short‑term $4,000,000 piece that will be repaid in the first year to cover vehicles and short‑term equipment.
During the Finance & Personnel committee report, Council members asked whether vehicle purchases carried payments through 2039. Finance Director Kathleen explained the overall $18,000,000 borrowing package comprises a long‑term portion of roughly $14,000,700 for capital projects and a short‑term portion of about $4,000,000 that is borrowed and repaid in the first year to cover vehicles and short‑term equipment.
"You are absolutely right, Alder. We do borrow short term for vehicles," Kathleen said, describing a split financing approach. She told the council the long‑term share will fund paving projects (including local matches on state projects), sidewalks, street lighting, parks equipment, long‑term equipment and building improvements; she singled out tuck‑pointing on a building as a project over $1,000,000.
Councilmembers noted some materials (attachments/monitor) were not available at the meeting and asked for clarification; Kathleen summarized the borrowing purpose and schedule and answered follow‑up questions. The council then conducted a roll call on the finance item and the motion carried with 12 ayes recorded and one member excused. The item moved forward as presented to the consent agenda for final approval.
