From the Mayor's Desk - November 2016
As we move into November, there are a couple happy announcements to share.
The first is the welcome return of Turkey Bingo! Our volunteer fire department will be hosting an evening of fun at the fire hall on Thursday, November 17th. The doors will open for early seating at 6:30pm with bingo commencing at 7:00. There will be hot dogs, chips, popcorn and drinks along with a silent dessert auction and the opportunity to donate nonperishable food donations for holiday gift baskets. We hope to see you there.
The second bit of information is less of an event but a matter for celebration nonetheless. As many of you may recall, the economy was less than favorable when I became mayor in 2010. One step we had to take to keep our city afloat was to initiate several interfund loan transfers between 2011 and 2013. These loans totaled more than $500,000 and were necessary for North Bonneville to remain financially secure.
An interfund loan happens when the city loans itself money from a restricted fund, meaning those that are designated for a specific purpose such as water, sewer and hotel/motel funding, for some other purpose.
After several years of diligent work and an improving financial situation, we have managed to pay off the last of these loans. The final six loans initially totaled $212,045.96 when they were authorized in October of 2013 and we have made it a priority to repay them. It should be noted that the State Auditor’s office was critical of our financial strategy to borrow money with multiyear repayments, something that was noted in our 2012/2013 and 2014/2015 audit findings.
During the last audit, we made a commitment to pay off all existing interfund loans by December 2016, a year earlier than required. Happily, we have been successful in doing so, which bodes well for our next audit review and our city finances going forward.
I don’t want to give the impression our city is rolling in dough at this point, but our financial situation is so much improved as to be almost unrecognizable from where it was 6 years ago.
As always, we welcome your input and ideas regarding your city. Our number is 427-8182 or you can always contact me via don [at] northbonneville.net (subject: A%20message%20from%20North%20Bonneville%20website) (email.)