Board of Aldermen hears budget review for current fiscal year
The Concordia Board of Aldermen heard a budget review for fiscal year 2017-2018 during its regular meeting on Tuesday, Jan. 2. City Administrator Dale Klussman reported the first quarter of the fiscal year is looking good despite one department’s expenditures going over budget.
“To date, both revenues and expenses are sitting at about 29 percent over budget at this time,” Klussman said. “Projections for the end of the year are looking real good. In fact, we’ve been able to reimburse monies we’ve borrowed from different funds from general revenue.”
Klussman added the city recently received a $209,000 payment on a loan for an apartment project.
“That was surprise,” he said. “We had applied for a grant to assist in building the Capstone/Willow Point Apartment project. Instead of just passing the grant money through to the property owners, we originally made them a 30-year, $248,000 loan at something like one percent interest. As part of some recent restructuring of their financing, the holding company needed to pay off other loans. So we benefited and received the payoff on the loan.”
Klussman said the money from the loan payoff will go back into a special fund and the city will begin looking at options for additional low-income housing.
In other business, Klussman reported two Purple Heart City signs have been installed on I-70. Klussman added the board approved a resolution to install two more Purple Heart City signs, as well as two Old Trail Tourism signs, at both entrances to the city on Missouri Highway 23.