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.
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