3/15/21 – This is an ongoing issue. While I wanted to see the city debt decrease over a 4 to 8 year period, that has not happened. But the good news is we have refinanced the Park Bond used to purchase Quail Crossing so we are now paying principal and interest and not just interest. This also allowed us to have monies available to fund renovations to Richards Pool, City Lake and other parks structures.
We are also in the process of restructuring a tremendous amount of the City’s debt (similar to what you would call debt consolidation). This restructuring will allow us free up money that is currently being used to finance other debt obligations. This restructuring has been in the works since before I took office, but couldn’t come at a better time. Interest rates are very low so our interest payments will now be thousands less. You will hear more about this later this summer.
The restructuring of debt puts pressure on the City Council, Board of Works and Parks Board to come up with a working, long range plan that will allow the City to move forward without incurring more debt. We have freed up thousands of dollars that if put in reserve and then spent wisely will enable us make improvements in city infrastructure, pay our employees a decent wage and continue to make Boonville a destination instead of a pass through town. (Also, see my section on Utilities)
