Jackson city council has long term plan for financial stability
Jackson’s city budget was the talk of the city council meeting this morning.
Resolutions passed without opposition that enable to borrowing of up to 6.2 million of dollars in bonds and refunding some bonds issued in 2009.
“What we're trying to do with our restructuring, refinancing, refunding is to reduce that large debt payment, stretch those payments out further and lock in some fixed interest rates on some of our variable debt," says Mayor Scott Conger.
The city’s budget committee approved a capital plan last month and that is now the framework to determine just how much the city needs to borrow.
The debt structure over the next four years are high payments of about 10 million dollars but they drop significantly after year 4 because the city is not only focused on being in a better financial position right now, but also in the future.
“With the potential of refunding some of these bonds we can smooth out that debt surface over years and not have that will affect us in a negative sense,” says Budget Committee Chairman Paul Taylor.
As they plan for the future, Jackson city Mayor Scott Conger says the city will be as efficient as possible and will avoid borrowing money for the basic essentials.
“If and when we do borrow money in the future that they're for the high in the sky quality of life enhancements that we know well be needing in the future,” says Mayor Conger.
For 39 News, i'm Camila Rueda.