The new sewer plant should be finished by fall, and although the price tag has dropped substantially from initial estimates,
“We were originally approved for a
Dykhuizen said each phase of the plant's construction came in below estimates, thanks to healthy competition for the bids. The city also learned that the
“EPA is still talking about waiving additional principal, and we're hoping they give us a 30-year payment option rather than the 20 years we have now to spread it out,” Dykhuizen said.
In addition to the sewer plant, other pressing capital needs were addressed. Extensive work done on
The city found a creative way to work all of the high-priority capital needs into the budget and still carve out an overall surplus.
In a more than
To find money for the more than 20-year-old vehicles, the city decided to refinance two bonds that were issued in 2008 and 2010 for the city's sports complex.
“We were able to combine the bonds and refinance them at a lower interest rate by extending the payments for 5 years,” Mayor
The bond refinancing cuts the annual payments in half — from
The most expensive vehicle in the budget is a 2-year-old streetsweeper that will cost
“We've been approved by the council for up to a
Dykhuizen said there shouldn't be any changes to the budget between now and the
Important numbers in
Total revenues —
Total expenses —
Operating budget —
Capital budget —
(c)2017 the Daily Gazette (Sterling, Ill.)
Visit the Daily Gazette (Sterling, Ill.) at www.saukvalley.com
Distributed by Tribune Content Agency, LLC.