{"id":24326,"date":"2024-05-20T17:48:50","date_gmt":"2024-05-20T21:48:50","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/?p=24326"},"modified":"2024-05-20T17:48:50","modified_gmt":"2024-05-20T21:48:50","slug":"packet-proposed-annual-budget-city-of-valdosta-fy-2025-for-budget-meeting-2024-05-22","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2024\/05\/packet-proposed-annual-budget-city-of-valdosta-fy-2025-for-budget-meeting-2024-05-22.html","title":{"rendered":"Packet: Proposed Annual Budget, City of Valdosta, FY 2025, for Budget Meeting 2024-05-22"},"content":{"rendered":"<p>\nIn this Proposed Annual Budget for the City of Valdosta Budget Meeting Wednesday afternoon, 3-8 PM,<br \/>\nthere are two bond series, one refinancing, the other new, both for water and sewer improvements.<\/p>\n<p>\nApparently the city has previously financed more than $32 million in loans<br \/>\nfrom the Georgia Environmental Finance Authority (GEFA),<br \/>\nand last year floated a bond at a lower interest rate<br \/>\nfor about $22 million still to be paid.<\/p>\n<p>\nEven more interesting, if I am reading it correctly, this budget proposes a new bond for<br \/>\n$67 million.<\/p>\n<p>\nMaybe the Valdosta City government is getting more serious about fixing their sewer system problems.<\/p>\n<p>\nThis is all in addition to the water and sewer improvements paid for by<br \/>\nSpecial Local Option Sales Tax (SPLOST) line items,<br \/>\nby American Rescue Plan Act (ARPA) funds,<br \/>\nor from other revenue; see below.<\/p>\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\n<a title=\"Extracts, Proposed FY 2025 City of Valdosta Budget\" name=\"MMM:Extracts-Proposed-FY-2025-City-of-Valdosta-Budget\" href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/many.html\"><br \/>\n<img decoding=\"async\" border=\"0\" src=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/many.jpg\"  alt=\"[Extracts, Proposed FY 2025 City of Valdosta Budget]\"><\/a><br \/>\n<br \/><a href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/many.html\">Extracts, Proposed FY 2025 City of Valdosta Budget<\/a>\n<\/p>\n<blockquote style=\"font-size:100%\">\n<p>\n<strong><br \/>\nW&#038;S 2020 Bond Series<br \/>\n<\/strong><\/p>\n<ul>\n<li>\nPurpose: Refinance GEFA notes at a lower interest rate<\/p>\n<li>\nMaturity Date: 2033<\/p>\n<li>\nOriginal Principal Amount: $32,134,000; July 1, 2023, Principal Outstanding $22,264,065<\/p>\n<li>\nInterest Rate: 2.29%<\/p>\n<li>\nFunding Source: Water and Sewer Revenue Fund\n<\/ul>\n<p>\n<strong><br \/>\nPending for FY 25 &#8211; estimate<br \/>\n<br \/>\nW&#038;S 2024 Bond Series<br \/>\n<\/strong><\/p>\n<ul>\n<li>\nPurpose: Upgrades Water and Sewer<\/p>\n<li>\nMaturity Date: 2054<\/p>\n<li>\nOriginal Principal Amount: $67,000,000; July 1, 2023, Principal Outstanding $67,000,000<\/p>\n<li>\nInterest Rate: 4.5%<\/p>\n<li>\nFunding Source: Water and Sewer Revenue Fund\n<\/ul>\n<\/blockquote>\n<p>\nSee<br \/>\n<a title=\"Pending for FY 25 - estimate, W&#038;S 2024 Bond Series; Purpose: Upgrades Water and Sewer; Maturity Date: 2054; Original Principal Amount: $67,000,000; July 1, 2023, Principal Outstanding $67,000,000; Interest Rate: 4.5%; Funding Source: Water and Sewer Revenue Fund\" name=\"Debt-Service-FY-2025-City-of-Valdosta:Pending-for-FY-25-estimate-WS-2024-Bond-Series-Purpose-Upgrades-Water-and-Sewer-Maturity-Date-2054-Original-Principal-Amount-67000000-July-1-2023-Principal-Outstanding-67000000-Interest-Rate-45-Funding-Source-Water-and-Sewer-Revenue-Fund\" href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0049.html\"><br \/>\npage 49, Debt Service, FY 2025, City of Valdosta<\/a>.<!--more--><\/p>\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\n<a title=\"Pending for FY 25 - estimate, W&#038;S 2024 Bond Series; Purpose: Upgrades Water and Sewer; Maturity Date: 2054; Original Principal Amount: $67,000,000; July 1, 2023, Principal Outstanding $67,000,000; Interest Rate: 4.5%; Funding Source: Water and Sewer Revenue Fund\" name=\"Debt-Service-FY-2025-City-of-Valdosta:Pending-for-FY-25-estimate-WS-2024-Bond-Series-Purpose-Upgrades-Water-and-Sewer-Maturity-Date-2054-Original-Principal-Amount-67000000-July-1-2023-Principal-Outstanding-67000000-Interest-Rate-45-Funding-Source-Water-and-Sewer-Revenue-Fund\" href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0049.html\"><br \/>\n<img decoding=\"async\" border=\"0\" src=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0049.jpg\"  alt=\"[Pending for FY 25 - estimate, W&#038;S 2024 Bond Series; Purpose: Upgrades Water and Sewer; Maturity Date: 2054; Original Principal Amount: $67,000,000; July 1, 2023, Principal Outstanding $67,000,000; Interest Rate: 4.5%; Funding Source: Water and Sewer Revenue Fund]\"><\/a><br \/>\n<br \/><a href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0049.html\">Pending for FY 25 &#8211; estimate, W&#038;S 2024 Bond Series; Purpose: Upgrades Water and Sewer; Maturity Date: 2054; Original Principal Amount: $67,000,000; July 1, 2023, Principal Outstanding $67,000,000; Interest Rate: 4.5%; Funding Source: Water and Sewer Revenue Fund<\/a>\n<\/p>\n<p>\nThe proposed budget, received in response to a LAKE open records request, is <a href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\">on the LAKE website<\/a>.<\/p>\n<p>\nWe have been told the budget meeting is Wednesday, May 22, 2024, from 3-8 PM,<br \/>\npresumably in Council Chambers in City Hall.<\/p>\n<p>\nThis meeting does not appear on<br \/>\nthe city&#8217;s online calendar.<br \/>\nIt&#8217;s also not in<br \/>\n<a href=\"https:\/\/www.valdostacity.com\/city-council\/agendas-minutes\"><br \/>\nAgendas &#038; Minutes<\/a>,<br \/>\nwhich does show the regular City Council Meeting for Thursday, May 23, as Cancelled.<\/p>\n<p>\nAgendas &#038; Minutes also shows a <a href=\"https:\/\/www.valdostacity.com\/file\/7360\/download?token=MyHkOM5m\">May 15 Special Called Meeting<\/a>,<br \/>\nwhich included this mysterious item: &ldquo;2.b) Consideration of a request to approve an amendment to the Fiscal Year 2024 Budget for<br \/>\nthe City of Valdosta.&rdquo;<br \/>\nMaybe that was the new &#8220;Pending&#8221; bond.<\/p>\n<p>\nThe Proposed Annual Budget on<br \/>\n<a title=\"Page 41\" name=\"FY-25-CAPITAL-REQUESTED:Page-41\" href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0041.html\"><br \/>\nPage 41<\/a> lists $11,213,500 in SPLOST 8 water and sewer FY 25 Capital Requested.<\/p>\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\n<a title=\"Page 41\" name=\"FY-25-CAPITAL-REQUESTED:Page-41\" href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0041.html\"><br \/>\n<img decoding=\"async\"  width=\"600\"  border=\"0\" src=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0041.jpg\"  alt=\"[Page 41]\"><\/a><br \/>\n<br \/><a href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0041.html\">Page 41<\/a>\n<\/p>\n<p>\nIt also shows $12,075,000 in ARPA funds for a new water plant,<br \/>\nplus some Bond I funds with a note &#8220;WTP II Land &#038; Design (TotalFY25: $36,500,000 LTD)&#8221;.<\/p>\n<p>\nAlso from Bond I is $4,361,000 + $2,436,000 for the Mud Creek WPCP,<br \/>\nfor expansion and solids handling, in addition to other water and sewer line expenditures.<\/p>\n<p>\nAnd that&#8217;s not all.<br \/>\nPage 39 shows as Drainage Capital Requested, $1.8 million from SPLOST 8<br \/>\nfor<br \/>\n&#8220;CP25.88 Lakeland Avenue Drainage Improvements Construction&#8221;.<br \/>\nThat&#8217;s the project City Engineer Ben O&#8217;Dowd is working on to deal with<br \/>\nflooding and sewer spills on One Mile Branch upstream from Lakeland Avenue.<br \/>\nSeveral weeks ago he already got the City Council to approve an engineering consulting study to flesh out the plan.<\/p>\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\n<a title=\"Page 39\" name=\"FY-25-CAPITAL-REQUESTED:Page-39\" href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0039.html\"><br \/>\n<img decoding=\"async\" border=\"0\" src=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0039.jpg\"  alt=\"[Page 39]\"><\/a><br \/>\n<br \/><a href=\"http:\/\/www.l-a-k-e.org\/govt\/valdosta\/2024-05-22--vcc-budget\/JF-ORR-2024-319-John-Quarterman-FY-25-City-of-Valdosta-Proposed-Budget-for-Media-051724-0039.html\">Page 39<\/a><\/p>\n<p>\nThis is by no means an exhaustive review of this proposed budget.<br \/>\nI have merely picked a few items to discuss.<br \/>\nPlease read it for yourself, and consider going to the budget meeting.<br \/>\nThere&#8217;s no agenda posted, so I don&#8217;t know whether you will have an opportunity to speak.<br \/>\nBut Mayor and Council and staff will notice that you are there.<\/p>\n<p>\n -jsq\n<\/p>\n<p style=\"text-align:center;font-style:italic\">Investigative reporting costs money, for open records requests, copying, web hosting, gasoline, and cameras, and with sufficient funds we can pay students to do further research.  You can <a href=\"http:\/\/www.l-a-k-e.org\/blog\/donate\">donate to LAKE today<\/a>!<br \/>\n<br \/>\n<a href=\"http:\/\/www.l-a-k-e.org\/blog\/donate\"><br \/>\nhttp:\/\/www.l-a-k-e.org\/blog\/donate<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this Proposed Annual Budget for the City of Valdosta Budget Meeting Wednesday afternoon, 3-8 PM, there are two bond series, one refinancing, the other new, both for water and sewer improvements. Apparently the city has previously financed more than $32 million in loans from the Georgia Environmental Finance Authority (GEFA), and last year floated [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,52,10675,54,55],"tags":[11484,11578,728,9940,12511,8704,1970,8701,10883,8702,12509,12,7,5220,61,12510,260,8724,6629,383,6,8726,8727],"class_list":["post-24326","post","type-post","status-publish","format-standard","hentry","category-economy","category-splost","category-taxes","category-valdosta-city-council","category-water","tag-american-rescue-plan-act","tag-arpa","tag-bonds","tag-city-of-valdosta","tag-drinking-water-treatment-plant","tag-economy","tag-gefa","tag-georgia","tag-georgia-environmental-finance-authority","tag-lake","tag-lakeland-avenue","tag-lowndes-area-knowledge-exchange","tag-lowndes-county","tag-mud-creek-wastewater-treatment-plant","tag-sewage","tag-sewage-spills","tag-special-local-option-sales-tax","tag-splost","tag-stormwater","tag-taxes","tag-valdosta","tag-valdosta-city-council","tag-water"],"_links":{"self":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/24326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/comments?post=24326"}],"version-history":[{"count":6,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/24326\/revisions"}],"predecessor-version":[{"id":24332,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/posts\/24326\/revisions\/24332"}],"wp:attachment":[{"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/media?parent=24326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/categories?post=24326"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.l-a-k-e.org\/blog\/wp-json\/wp\/v2\/tags?post=24326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}