|
Getting your Trinity Audio player ready...
|
The Village of Palmetto Bay has announced in a report issued July 23 that measures it has taken in the midst of pandemic related economic problems are helping.
Many businesses, organizations and even municipal governments were affected by COVID-19, with less money coming in while operating expenses remained the same.
The report says, in part, “Last year, during this time, we were making cuts to the budget as we anticipated lower than projected revenues. Your mayor and council, along with staff, worked arduously to ensure that the village would continue to offer a level of service commensurate with the Palmetto Bay name as we looked for options to reduce expenditures.”
The report goes on to say that the village is trending positively and that expenditures have been maintained at 6.55 percent below budget. This reduces the projected shortfall from $1,634,269 to $680,241.
In addition, the bonds that had been issued in 2010 for $14,780,000 for the purchase and construction of Village Hall have been refinanced. Doing so yields 27 percent in savings or roughly $3,100,000 in present dollar value. According to the report, the Florida Municipal Loan Council, which is the party responsible for issuing and managing the bonds, stated that this is the largest savings they have seen on any bonds that they have issued.
Village manager Nick Marano is pleased with the results.
“I am satisfied with the work that our council and staff have put into carefully managing our expenditures and today’s bond refi is another testament to our commitment to our taxpayers,” Marano said in the report.
Further updates are expected as the ongoing pandemic related problems continue.
