{"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>\r\nIn this Proposed Annual Budget for the City of Valdosta Budget Meeting Wednesday afternoon, 3-8 PM,\r\nthere are two bond series, one refinancing, the other new, both for water and sewer improvements.\r\n<p>\r\nApparently the city has previously financed more than $32 million in loans\r\nfrom the Georgia Environmental Finance Authority (GEFA),\r\nand last year floated a bond at a lower interest rate\r\nfor about $22 million still to be paid.\r\n<p>\r\nEven more interesting, if I am reading it correctly, this budget proposes a new bond for\r\n$67 million.\r\n<p>\r\nMaybe the Valdosta City government is getting more serious about fixing their sewer system problems.\r\n<p>\r\nThis is all in addition to the water and sewer improvements paid for by\r\nSpecial Local Option Sales Tax (SPLOST) line items,\r\nby American Rescue Plan Act (ARPA) funds,\r\nor from other revenue; see below.\r\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\r\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\">\r\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>\r\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>\r\n<\/p>\r\n<blockquote style=\"font-size:100%\">\r\n<p>\r\n<strong>\r\nW&#038;S 2020 Bond Series\r\n<\/strong>\r\n<ul>\r\n<li>\r\nPurpose: Refinance GEFA notes at a lower interest rate\r\n<li>\r\nMaturity Date: 2033\r\n<li>\r\nOriginal Principal Amount: $32,134,000; July 1, 2023, Principal Outstanding $22,264,065\r\n<li>\r\nInterest Rate: 2.29%\r\n<li>\r\nFunding Source: Water and Sewer Revenue Fund\r\n<\/ul>\r\n<p>\r\n<strong>\r\nPending for FY 25 &#8211; estimate\r\n<br>\r\nW&#038;S 2024 Bond Series\r\n<\/strong>\r\n<ul>\r\n<li>\r\nPurpose: Upgrades Water and Sewer\r\n<li>\r\nMaturity Date: 2054\r\n<li>\r\nOriginal Principal Amount: $67,000,000; July 1, 2023, Principal Outstanding $67,000,000\r\n<li>\r\nInterest Rate: 4.5%\r\n<li>\r\nFunding Source: Water and Sewer Revenue Fund\r\n<\/ul>\r\n<\/blockquote>\r\n<p>\r\nSee\r\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\">\r\npage 49, Debt Service, FY 2025, City of Valdosta<\/a>.<!--more-->\r\n\r\n\r\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\r\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\">\r\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>\r\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>\r\n<\/p>\r\n\r\n<p>\r\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>.\r\n<p>\r\nWe have been told the budget meeting is Wednesday, May 22, 2024, from 3-8 PM,\r\npresumably in Council Chambers in City Hall.\r\n<p>\r\nThis meeting does not appear on\r\nthe city&#8217;s online calendar.\r\nIt&#8217;s also not in\r\n<a href=\"https:\/\/www.valdostacity.com\/city-council\/agendas-minutes\">\r\nAgendas &#038; Minutes<\/a>,\r\nwhich does show the regular City Council Meeting for Thursday, May 23, as Cancelled.\r\n<p>\r\nAgendas &#038; Minutes also shows a <a href=\"https:\/\/www.valdostacity.com\/file\/7360\/download?token=MyHkOM5m\">May 15 Special Called Meeting<\/a>,\r\nwhich included this mysterious item: &ldquo;2.b) Consideration of a request to approve an amendment to the Fiscal Year 2024 Budget for\r\nthe City of Valdosta.&rdquo;\r\nMaybe that was the new &#8220;Pending&#8221; bond.\r\n<p>\r\nThe Proposed Annual Budget on\r\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\">\r\nPage 41<\/a> lists $11,213,500 in SPLOST 8 water and sewer FY 25 Capital Requested.\r\n\r\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\r\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\">\r\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>\r\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>\r\n<\/p>\r\n<p>\r\nIt also shows $12,075,000 in ARPA funds for a new water plant,\r\nplus some Bond I funds with a note &#8220;WTP II Land &#038; Design (TotalFY25: $36,500,000 LTD)&#8221;.\r\n<p>\r\nAlso from Bond I is $4,361,000 + $2,436,000 for the Mud Creek WPCP,\r\nfor expansion and solids handling, in addition to other water and sewer line expenditures.\r\n<p>\r\nAnd that&#8217;s not all.\r\nPage 39 shows as Drainage Capital Requested, $1.8 million from SPLOST 8\r\nfor\r\n&#8220;CP25.88 Lakeland Avenue Drainage Improvements Construction&#8221;.\r\nThat&#8217;s the project City Engineer Ben O&#8217;Dowd is working on to deal with\r\nflooding and sewer spills on One Mile Branch upstream from Lakeland Avenue.\r\nSeveral weeks ago he already got the City Council to approve an engineering consulting study to flesh out the plan.\r\n<p style=\"text-align:center;font-size:80%;font-style:italic\">\r\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\">\r\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>\r\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>\r\n\r\n<p>\r\nThis is by no means an exhaustive review of this proposed budget.\r\nI have merely picked a few items to discuss.\r\nPlease read it for yourself, and consider going to the budget meeting.\r\nThere&#8217;s no agenda posted, so I don&#8217;t know whether you will have an opportunity to speak.\r\nBut Mayor and Council and staff will notice that you are there.\r\n<p>\r\n -jsq\r\n<\/p>\r\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>!\r\n<br>\r\n<a href=\"http:\/\/www.l-a-k-e.org\/blog\/donate\">\r\nhttp:\/\/www.l-a-k-e.org\/blog\/donate<\/a>\r\n<\/p>","protected":false},"excerpt":{"rendered":"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;]","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"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"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p585fK-6km","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_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}]}}