City on track with long term debt pay­ments

Southwest Booster - - NEWS -

The City of Swift Cur­rent re­mains in good fi­nan­cial shape ac­cord­ing to the an­nual fi­nan­cial state­ments re­ceived by the city at the May 5 City Coun­cil meet­ing.

The con­sol­i­dated state­ment of fi­nan­cial ac­tiv­i­ties re­port showed the city recorded ex­pen­di­tures of $34.8 mil­lion, a full $10 mil­lion lower than the 2007 to­tal of $44.5 mil­lion. City rev­enue was also re­ported at $34.6 mil­lion, down slightly from $36.7 mil­lion in 2007

Di­rec­tor of Fi­nance Tim Mar­cus noted the city re­mains in a strong fi­nan­cial sit­u­a­tion.

“The city’s do­ing good fi­nan­cially. We’re in pretty good shape. The city’s (long term) debt is $39 mil­lion and it’s bro­ken down, I be­lieve, $14 mil­lion is util­i­ties, $15 mil­lion is gen­eral, which is es­sen­tially the iPlex, and there’s $4 mil­lion in prop­erty de­vel­op­ment, and the re­main­der is of course the amount ow­ing for the re­pay­ment of the hospi­tal.”

He notes each debt area is funded. The util­ity debt is the re­main­ing fund­ing out­stand­ing for the waste wa­ter treat­ment plant, which will be funded through city wa­ter rates. The hospi­tal re­pay­ment funds are raised an­nu­ally through a spe­cial levy. The prop­erty de­vel­op­ment debt is re­paid when prop­erty is sold. The iPlex ex­pan­sion will be re­paid from the gen­eral rev­enue fund, cov­ered by city prop­erty taxes.

More coun­cil news ap­pears at sw­booster.com.

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