Salem Finance Director Kelly Barrow feels the city could save up to $150,000 by refinancing city bond issues that are paying off the Salem Aquatic Center and Waste Water Treatment improvements.
Barrow told the city council Tuesday night she was disappointed by the rates offered by two local banks and sought council permission to prepare a package to sell the bonds on the open market. She estimated the city’s savings would increase $35,000 by going to the open market. The bonds would still be paid off on their original expiration dates of 2027 and 2029.
Mayor Nic Farley said while the council liked to go local when possible, they also have to protect taxpayer interests.
The council is expected to make a final decision on moving forward with refinancing at their next meeting.
In other action, the board approved a mandated policy assuring sound accounting practices and consistency in the administration of federal and state grants.
The board added $35,000 to the Police Pension Fund and $200 in the Veteran’s Fund to cover over expenditures in last year’s budget. The Police Pension Fund went over due to an unexpected retirement and the Veteran’s Fund was over due to the purchase of additional flags for the Avenue of Flags.
The Mayor and Council were very complimentary to the music program held at the Bryan Park Band Stage prior to the 4th of July Fireworks Display. Farley says he would like to see the program continue to grow.
