3/15/21 – This issue has been addressed. Through the work of the Clerk-Treasurer’s Office, the Mayor, Council and Financial Advisors, this maintenance account is now being fully funded and has been for over a year.
In 1989 Boonville was told to set up a restricted account that would be used for maintenance on the city’s 3 water towers. After 30 years, that account has finally be set up. As of December 31, 2018 the account has a balance of $10.
The reluctance of more than one administration to get this account going has led to Boonville having to borrow nearly $400,000 to maintain the aging water storage tank on Millis Ave (done in 2009). If the account had been set up when told to do so, it would have had nearly enough to pay for the job.
It should be noted that this job cost more than it should have due to neglect.
The current administration has waited 3 years to finally do something. As part of their agreement with the IURC, the city must now put $187,000 per year into this restricted account. This amount would have been substantially less had the account be set up even 3 years ago. As opposed to setting up this account, the city wanted to borrow a larger amount. The IURC said no. This is just poor management.