In a brief meeting Monday, the Kalona City Council reviewed an annual report that shows the city is financially stable.
Although it would appear that the ending balance of $l,315,302 June 30 had a …
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In a brief meeting Monday, the Kalona City Council reviewed an annual report that shows the city is financially stable.
Although it would appear that the ending balance of $l,315,302 June 30 had a nearly $400,000 gain from the July 1, 1998 balance of $945,155, the figure includes a debt service amount that will be in the balance “a very short time,” said City Administrator Doug Morgan.
Except for that, he noted that the financial status from last year to this year “is pretty much the same.”
At present, the city’s general obligation debt is $l,172,986, much of which is for the recent water project improvements. It also has $129,838 from Tax Increment Financing (TIF) revenues, as well as $494,901 from property tax revenues.
In other business, the council:
•tabled action regarding the sale of city property to Kalona Auto pending further information from the attorneys. The land involved is part of a former alleyway and also is part of a 50-year encroachment upon city land.
•approved the DOT request for a new driveway for property owned by John Wallerich on Highway 1 south of Kalona.
