City To Take Steps To Gain Financial Flexibility

Washington City Council heard a presentation from their financial consultant on a measure to free up funds in the city by reworking a current bond. Councilman Ken Westcott is the Finance Director for the city and his department has negotiated a “debt smoothing action” that will give the city approximately $450,000 in fund flexibility. The current city pension bond will be reduced to $1.738 million dollars in September and is scheduled to be fully retired in 2026. This action will extend the payment term by one year and free up those funds for other purposes. Westcott says that he expects current pension obligations to rise about $200,000 per year at least. This flexibility will allow the city to meet those obligations without raising taxes. Westcott called the measure a creative way to achieve the financial goals of the city keeping the best interest of the taxpayers in mind. The measure will be voted on in August. In other anticipated city business, council will authorize funding measures for work and lighting on the tennis and pickleball courts.