Kokomo Tribune; Kokomo, Indiana

Local News

May 17, 2014

Can Kokomo afford flood control and new stadium?

City bonding $11 million for stadium and flood control

(Continued)

The percent of the city budget spent on wages and benefits has dropped from 76 percent to 72 percent in that period.

Instead of spending money on wages and benefits for 100 city employees, the money has been either saved or spent on projects.

“If you look at what we’ve spent, the difference is we have something to show for it,” Goodnight said.

Scott Smith is on Twitter,@JasonSSmith1, and can be reached at scott.smith@kokomotribune.com.

City refinances old bonds The city of Kokomo announced Friday an expected savings of $350,000 over the next 10 years, due to the refinancing of $10 million in outstanding sewer works revenue bonds. The city is getting a 2.5 percent interest rate from the refinancing, compared to a 4.3 percent rate on the old bonds. The Kokomo Common Council must approve the refinancing. "Our department heads are tasked with pursuing every available option to save taxpayers' money and maintain Kokomo's strong financial position," Kokomo Mayor Greg Goodnight said. "This savings reflects that goal." The sewer bonds, issued in 2005, were 20-year bonds. The refinanced bonds will be repaid over 10 years, by sewer rates paid by city of Kokomo wastewater utility customers.

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