City contemplates doubling debt load in '05
By Joyce M. Miles / [email protected]
Monday, October 04, 2026

As it contemplates the cityÕs 2005 budget, the Common Council must decide whether to double the cityÕs short-term debt load.

Because the cityÕs bond rating was downgraded this past spring, the city faces higher interest rates when it seeks borrowing. That causes Treasurer Jim Ashcraft to frown upon too much more of it.

There are only so many places money can come from, though. If not short-term debt, in order to pay off obligations and tend to desired projects, the council will have to either tap dwindling reserves, cut lines or increase spending in next yearÕs budget or just not do some things.

Already this year, roughly $300,000 in unbudgeted work has been done. The money has been spent and the bills are due on:

-- Street paving. While $40,000 was budgeted for paving projects, that money was spent quickly and work continued. Deficit: $50,000.

-- Cleanup costs. Under state order, the city spent $50,000 decontaminating polluted property next to the old Laux building at Park and Bristol avenues.

-- Infrastructure repairs. Combined sewer overflow and emergency sewer remediation work cost the city $200,000.

Also, under the threat of stiff fines by the state, the city must replace 40-year-old equipment at the wastewater treatment plan that is failing. Prices are being sought now, Ashcraft said, and the tab could hit $1.3 million.

Of that and other projects, city finance committee chairman Joseph Kibler says, ÒIf we just let it go, weÕll pay a lot more later.Ó



Contact Joyce Miles at (716) 439-9222, Ext. 6245.



Read more in the Oct. 4 Union-Sun & Journal.
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