Winfield's financial picture brighter

2012-12-20T19:30:00Z 2012-12-20T21:48:03Z Winfield's financial picture brighterLu Ann Franklin Times Correspondent nwitimes.com
December 20, 2012 7:30 pm  • 

WINFIELD | The town’s financial picture is brighter than in past years, Clerk-Treasurer Rick Anderson said at Tuesday’s Town Council meeting.

“I’ve not closed out a year in a position as good as this year,” Anderson told the council members. “A number of factors have contributed to that.”

Last year’s mild winter and the slow start of wintry weather this year have resulted in less money being spent by Winfield on salt and snow plowing, he said.

Street repairs have been covered by the amounts budgeted for 2012, Anderson said.

Revenue also has come in from various performance and maintenance bonds that Winfield called because some developers haven’t completed infrastructure projects in their subdivisions. That includes the recent payment of more than $231,000 by Providence Bank for DoubleTree Estates West phases seven and eight.

The money will be used to complete the streets and other infrastructure in that subdivision, Anderson said.

He also said the refinancing of the town’s revenue bonds was successfully completed with new bonds being sold with a reduced interest rate. That will save the town about $60,000 in interest payments each year over the life of the bonds, Anderson said.

Closing on the bonds will be in early January.

In addition, this is the first time in six to seven years that Anderson hasn’t had to transfer funds to make up shortfalls in property tax disbursements by Lake County, the clerk-treasurer said.

“We expect to receive our property tax disbursement by the end of the month,” he said.

Anderson also announced that Winfield will receive a $7,449 Clean Air Grant from the U.S. EPA to modify three town vehicles’ exhaust equipment. He credited Administrative Assistant Tammi Travis will filing paperwork for the grant.

Copyright 2014 nwitimes.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Follow The Times

Latest Local Offers

Featured Businesses

Poll

Loading…

Do you agree with The Times Editorial Board's endorsements in statewide races?

View Results