Budget includes $27,000 contingency fund; BPW refinancing to save $95,000 across five years
Palmyra City Council members approved budgets for the City, Board of Public Works and Palmyra Parks and Recreation during their regular meeting Thursday. City officials also approved a plan to refinance the Board of Public Works debt through a new payment plan that is expected to save the city $95,000 over the course of five years.
Following a public hearing regarding the budgets, Finance Committee and City Council member Nathan Miller discussed the budgets, which include raises for city employees, funds for construction of the future council chambers, $25,000 for a used dump truck and $18,000 each for the City and the Board of Public Works for accounting and payroll software replacements. He said the contingency portion reflects a “better than balanced budget,” and fellow officials thanked him for his work on the documents. Mayor Loren Graham said the forthcoming refinancing of the Board of Public Works' debt for infrastructure work would allow the debt to be paid off in eight years, and the interest rate would be locked in at 3.65 percent for five years.
In other business:City Council members approved a quote $250 for Rusty Brownell to construct a wooden display case for the bicentennial rifle. Brownell will also match the felt lining from the Sesquicentennial display to that of the new case. Palmyra Police Chief Eddie Bogue said the department will welcome a new officer following an upcoming graduation from the Columbia academy on April 18. Bogue said the force is still short one officer, and he is reaching out to local academies as well as accepting applications. City Clerk Deena Parsons reported the next Palmyra City Council meetings will convene Thursday, April 11 and Thursday, April 26 due to the April 2 election. City officials will also host a second town hall regarding the sales tax proposal to address storm water issues in town, answering questions about the Master Plan from Klingner and Associates and the ballot proposal at 7 p.m. Tuesday, March 26 at the Sesquicentennial Building.