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Water fund bond paid off; village projects lower water costs as debt service ends
Summary
Trustee Forte said the water-tank bond has been paid off, eliminating prior annual debt payments and reducing water fund costs; the water fund budget is proposed at $231,535 with $224,182 in expected fee revenue.
Trustee Forte told the board the village has finished paying the bond on the water tank built more than a decade ago, removing the annual debt-service burden. "This year, we don't have any debt," he said, noting that previously the village paid more than $75,000 annually for that debt service.
Forte presented the proposed water-fund budget: $231,535 in expenditures, $224,182 in fee-based revenues, and a planned $7,353 draw from the water fund balance. He said the absence of debt service frees capacity in the fund and reduces the portion of customer bills dedicated to bond repayment.
