Politics & Government

Rye's Four-Year Financial Plan to be Unveiled May 8; City to Refinance Bonds

An update from Mayor Douglas French.

The City’s 4-year Financial Plan

A few years ago we moved to revitalize and expand the City’s Citizens Finance Committee to assist the City in working through the difficult recessionary times and to advise on budget and operational recommendations.  Through the work of the staff, Council and the Committee, the City is poised to rebound exceptionally well as the economy recovers.  Taxes and spending have been held in tact the last few years, and the City’s fund balance is being restored to a healthy level.  We have also re-invested in our infrastructure so as to not defer higher long-term costs.  Going forward, we have sought to formalize this work with the creation of a multi-year financial plan to project cost and revenue trends that will aid in decision-making and educating the public.  The Committee will present their report at the next Council meeting on May 8th.

Joint Meeting of the City and Schools

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Last week the two governing bodies met to discuss a number of issues of mutual interest between the City and School District.  The collaboration and communication has been effective the last few years as the challenges have increased.  The matters discussed included a “State of the schools” by Dr. Alvarez, joint communications for emergencies, the School District building project and schedule coming up this year, increased police presence and crossing guards, the many Safe Routes to Schools projects in and around the schools, coordination of much needed field space, tax certiorari matters, the Rye Youth Council civility initiative, and an agreement to re-state our joint call for mandate relief from New York State.  A follow-up meeting will take place at the beginning of the school year.

 

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Refinancing of Bonds

Two years ago the City refinanced much of its debt, and this past week the City approved to refinance the additional following bonds:  Bonds issued in 1998 for $1,743,000 for improvements to the Rye Golf Club with a current outstanding balance of $785,000, and bonds issued in 2005 for $6,428,000 for public improvements with a current outstanding balance of $4,755,000.  The total outstanding balance of these bonds is $5,540,000 and these can be refunded to generate a savings dependent upon market rates on the date of closing of roughly $325,000.

 


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