Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council hears $5.3M sales‑tax gain and possible long‑term borrowing for infrastructure
Summary
City manager reported roughly $5.3 million in increased sales and use tax over the previous year and said staff is considering long‑term borrowing and resolutions to fund water, wastewater, meters, substations and stormwater projects.
The city manager told the council that sales and use tax receipts have risen compared with the prior year and that the trailing 12‑month totals are considerably higher than last year. He said the increase — described in the meeting as about $5.3 million higher than the previous year — could be used for long‑term infrastructure investments.
"So right now, 5.2, $5,300,000 increase, that's with sales and use tax over the previous year," the city manager said. He added that the full reconciliation will appear in the August report but that staff and bond counsel (John Wolf and Allen Brooks) are evaluating financing options, including revenue notes and long‑term borrowing, to fund water and wastewater projects, meter replacements and other capital work.
