|7/30/2021 10:45:00 AM|
Wyoming Council gets financial roadmap; more park donations
by DENISE MARTINSome fiscal realities were illustrated in a long term plan done by AEM Financial Solutions LLC that was reviewed at last week’s Wyoming City Council meeting (member Schilling absent.).
Analysts were directed by the city to look at when Wyoming debt is being paid off, how much future debt is needed for certain needs and to provide a “franchise fee’ revenue outlook to see what a fee might contribute.
The projections that go out to 2026 are “not set in stone’ and the anaysis is only a “guide to a healthy city” according to Mayor Lisa Iverson.
The possible reality is the city levy that helps fund street improvements and maintenance will go to $500,000 from its current $300,000 and if the existing scope of projects continues, by the end of five years the levy will be $600,000.
Council member Linda Nanko Yeager questioned the concept of the study showing LGA increasing every year by two percent, which was figured into the financial plan. State legislators have a love-hate relationship with Local Government Aid and amounts earmarked always seem to be in peril, Nanko Yeager commented.
The city tax rate in the secnario presented to council also is projected to increase to 52.83 percent. Wyoming’s rate is at 43.31 now.
The franchise fee being enacted is a topic the city council has yet to decide to address. Future revenues might be $290,337 per year.
City Administrator Robb Linwood said Wyoming has never had a tool like this analysis with such depth of data and it will be useful to review it annually and hold it alongside capital expenditures for some real numbers to go along with concepts.
In other matters: more donations for Railroad Park were accepted by council.
The Cemstone company pledged 10 cubic yards of cement. SRC and Xcel donated $1,000 each and Midco contributed $2,000.
Council also approved a final plat for Heims Lake Villas, 33 lots.
The second phase of Summerfields, 15 lots on the east side of Kettle River Blvd., were approved.