JACKSON, Tenn. — The City of Jackson has a record budget for fiscal year 2025 and is now looking to borrow more money. With debt reimbursement on the agenda, the City of Jackson’s budget meeting discussed their future plans for this year.
In order to provide funding for capital investments for next year, where there was not any approved budgeting, the idea was that the opportunity might be open to reimburse the general fund.
One option was to fund the homeless shelter, which was approved in the budget, and allow a loan to reimburse them.
“What they can do is, if the council decides to do that–the budget committee decides to do that, we have put $2.2 million from general fund over into capital and so if they decide that they want to get reimbursed from a debt issue into the general fund, that’s an option that can happen,” said Mayor Scott Conger.
Mayor Conger told us that the city plans to spend $7 million on road resurfacing and $2.1 million dollars on police cars.
“7 or $800,000 I think is for us to purchase additional equipment for us to start our own paving teams so we can go do our residential streets in addition to the contract,” said Mayor Conger.
The committee is considering Public Financial Management incorporated to counsel them on how to borrow capital.
The city is already around $50 million dollars in debt.
“Timing wise, we can get that done, reviewed and agreed to. Utilizing whoever and by the October meeting, have that on the agenda in time. Let counsel vote on that and so that would put, from the timeline Bobby gave, it will be January or February to issue, finalize and close on that to issue the funds,” said Mayor Conger.
Conger stated that the finance department will get with the purchasing department and put in a request for proposals for financial advisors.
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