Special City Commission Meeting tonight
The League of Cities did a survey and found that 96% of cities are seeing budget shortfalls due to unanticipated revenue declines, which are a result of lost revenue sources from services such as permitting fees, utility fees and sales taxes. Lake Worth is no exception. We just had a dust-up that went viral a few months ago about customers not paying Lake Worth Utilities.So, the commission will vote to consider a financing plan to provide for the temporary funding of reserves for cash flow deficits brought on by the financial impact upon the City of the COVID-19 pandemic.
ORDINANCE 2020-04
(a) The City faces an unprecedented and temporary strain on its finances due to the financial impacts of the COVID -19 pandemic.
(b) It is vital to the citizens of the City that basic city services continue to be provided.
(c) The City desires to incur short-term Obligations to continue to fund essential City services as a “Project” vital to the needs of citizens of the City.
In the explanation, the City says:
Dependent on the borrowing process, the principle being considered is between $10 to $20 million thereby providing opportunity to fund capital projects. The annual debt service, interest payment, for each $10 million at 3% is $300,000, which will be allocated between each fund based on its use of proceeds. Additionally, I would recommend creating a sinking fund if the debt is structured with a balloon payment. This would equal $1million per year also allocated by fund.
Directly following this meeting, a workshop has been called to discuss vacation rentals, business licenses, and an update of the Independence Day celebration.
when they talk about revenue short fall and you see the so called art sign in front of city hall it makes one wonder.when we are short in our houses we put things on hold.there were good signs there that we all could read.when is the spending going to stop till we have it.TERM LIMITS
ReplyDeleteMaybe all the elected should give up their hefty salaries to help with the shortfall. Would they as elected and upstanding leaders be willing to do this to keep our city afloat? They are so greedy and ineffective.
ReplyDeleteThe city should start enforcing its laws here!
ReplyDeleteDo you know at the Snook Island Boat docks here in the city its says on the sign on the boat dock "no overnight boat docking?"
But, there are six boats permanently parked on the boat docks and never move, the people live on their boats there, solar panels and all. Plus there are 2-3 others also permanently parked close by, but not anchored to the docks.
Why does the city allow this? It has been going on for a year or two now?
Why can't this city enforce any rules or laws here Lynn?
It's not just here, 5:28. Rules/Laws are not enforced anywhere anymore. The whole country is lawless. I don't know if it is because of votes, or just do to laziness and incompetence.
ReplyDeleteI have a great deal of respect and admiration for Governor DeSantis, but I can't expect that he can supervise the removal of boats on Snook Island, or pick up the trash that the sanitation workers and the grass cutters leave as a by-product of their overly mechanized jobs.
Put some teeth in Code Enforcement; give maintenance workers a broom and a rake, and something will get done.
That's not going to happen, so you might as well resign yourself to incompetence and sloth. That's the country we live in now.