City of Lincoln treasurer gives monthly
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Urges aldermen to think on how to pay
for new road projects
[April 17, 2007]
City officials may have felt a
brief sigh of relief having completed a new fiscal year budget
Saturday that is in the black, but the city treasurer isn't letting
them relax too much. Les Plotner delivered his monthly treasurer's
report Monday evening and cast an eye to future financial challenges
the aldermen will need to address.
In his report, Plotner said that at the end of March the city had a
$4,275,115 bank balance and $662,792 in the general obligation bond
investment, for a total of $4,897,907 in the general fund.
He cautioned councilmen not to feel too secure, because there are
a lot of transfers, replacement tax loans and more to come out of
those funds. He hoped to see $500,000 left after all is done.
He brought forth a preliminary consideration for the aldermen. On
Thursday, Abraham Lincoln Memorial Hospital will present preliminary
and final plat development plans to build along Business 55 west of
town. In the development agreement, the hospital is asking the city
for some infrastructure, which includes new roads and traffic
He observed that there is no money to set aside for this.
Plotner suggested that the aldermen consider getting a referendum
for a 0.5-cent non-home-rule sales tax. It would take about 3 1/2 to
four years to accumulate the amount that would be needed to cover
this street work. You would borrow the money and pay it back out of
this fund, he said.
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You accomplish two things doing it this way, he said. You put it
to the people to approve, and it provides the money.
He had checked with the county clerk, Sally Litterly, and it
could go on next February's ballot. If approved by voters, the money
would start roll in by October 2008.
If this isn't what you want to do, he said, "We'll have to look
for where that money will come from."
Invested police and firemen pension funds continue to grow. There
has been some relief from requirements that Illinois was going to
place on where investments could be made, Plotner said. Sen. Collins
has been pushing for there to be no government money invested in any
company that has any holdings in Sudan. It is very difficult to sort
out who those companies are. There are so many that you can't tell
where they are -- for example, Coca-Cola, Plotner said.