7/18/17 – The Beaver Dam Common Council Monday night approved three-million dollars in borrowing. Roughly $1.6-million dollars is being directed to the 2017 Capital Improvements Plan, or CIP, which maps out projects over five years while locking-in spending for the current year. City Finance Director John Somers says if there is no growth in the city’s equalized value this year, then the impact of the CIP on the tax rate would be three-cents per thousand, or three dollars on a $100-thousand-dollar home. However, Somers anticipates a one-and-a-half-percent increase in equalized value that would essentially cancel out that increase. This year’s CIP includes $225-thousand dollars-worth of water rescue equipment with local townships chipping in $50-thousand. Roadwork includes concrete reconstruction of West Mackie Street behind the middle school, a mill and overlay of North Lincoln Avenue, sealcoating and concrete rehab of various streets and a repaving of the library parking lot. Meanwhile, just over $1-million dollars in bonds is being used to refinance debt that was taken on to develop the city’s new, north side business park in Tax Increment Finance District 7. Somers says the refinancing will save the city roughly 90-thousand dollars. Another $472-thousand dollars is being borrowed for storm water projects that are being funded through rates paid to the city’s storm water utility.
16 hours ago