Council moves forward with bond program
By Melinda L. Lucas
During their Feb. 14 meeting, Albany city council members moved forward with a $3 million bond program through the Texas Water Development Board for water system improvements.
A representative of Enprotec / Hibbs & Todd, the city’s engineering consultant, explained the project, stating that funding can be used for system infrastructure improvements from the plant to the lines and storage tanks.
A large percentage of the money, more than 40 percent, can be “forgiven,” and the rest can be repaid with zero interest, about $86,000 per year for 20 years.
“Typically, I’m not fond of bonds, but I think this is an opportunity to get some needed major projects done that we haven’t had the money to do,” said city manager Billy Holson. “That $86,000 a year payback amount is doable.”
The resolution passed Tuesday does not obligate the city in any way, just allows the application to move forward, Holson said.
Amended Budget
Holson presented several amendments to the original $3.4 million budget for the 2022-2023 fiscal year, which ends March 31.
“Last year, we balanced the budget using some money from our reserves, because we projected $3 million in revenue against the $3.4 million in expenses,” Holson said. “We ended up taking in $4.4 million in revenue, about $700,000 of that in donations, so we need to amend those different categories.”
In addition to the donations, $240,000 came from the American Rescue Plan Act, as well as more than projected in sales tax and water sales for the year.
“Expenses are right where we expected or hoped they would be,” said Holson, “and you can’t complain about amending the budget when you’re talking about a million more in revenue.”
Other Business
•A request from the volunteer fire department was approved to use $27,000 from restricted funds to purchase a hydraulic-extrication rescue tool.
•The council voted to continue participation with the Atmos Steering Committee at a cost of 5¢ per water customer, a little over $100 per year.
