Last week, the city council added needed budget funds to the budget list for capital improvement projects the city will use to spend the 2014A bond revenue. City money above the 2014 fiscal year budgeted revenue, found during the mid-year 2014 budget review, totalling 58 million dollars, did not add enough to cover all capital improvement project funding. Near half the added funds were already spent on budget spending plans.
2014A bond funding will pay for repairs of existing storm drain pipes and pump stations. Councilmembers, before the multi-million dollar bond funding approved on January 28th was ratified last Tuesday, decided to use the bond funds to increase the city's money invested in its flood risk management. Bond money will pay for new strom drains. And, the public money will fund watershed projects.
Another budget deficit is projected for next year, 2015, the year the city has to begin paying off the 2014A bonds. Bond debt payments will last 30 years.
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