City sizes up capital program budget

The budget includes $25.8 million in improvements for 2008, nearly $18 million in 2009, nearly $20 million in 2010, $2.3 million in 2011, $1.8 million in 2012 and $735,000 in 2013.

Through 2013, the city also will look at adding new emergency vehicles (some of which would be for the eastside EMS facility); parking deck-design land, site development and construction; skate park improvements; Canfield Casino rehab; and more.

During a presentation to the public, Mayor Keehn noted that the city’s assessed value is $2.49 billion, its bonding capacity is approximately $48.9, current outstanding debt is $23.8 million, leaving the city with a current bonding capacity of $26.1 million.

Several residents voiced concern over the budget, noting that the city would be using up nearly all of its bonding capacity in the first year.

Last year, the city doubled its bonding limit from 1 to 2 percent. Commissioner Franck noted that should the budget go forward the city would have to raise its bonding limit to 3 to 5 percent.

“If we go forward with this plan we won’t have to worry about the infrastructure, we won’t have any infrastructure,” said Franck, noting the city would have to fire its employees to pay for the plans.

“We’re mortgaging our children’s future here. This is Monopoly money, we can’t afford to do this.”

Commissioner McCabe expressed similar concerns on the bond rating and suggested moving forward very cautiously.

More public hearings are expected to take place on the capital plan budget.