September 22, 2021 Regular City Council Meeting Minutes
Call to order:
The Regular Randolph City Council meeting was called to order at 5:15 p.m. by Acting Mayor Sarah Podritz.
Present were Acting Mayor, Sarah Podritz, Council Members Jacob Friedrich and Todd D. Carlock, Treasurer Sandy Nicolai and Clerk Mary Haro. Absent was Mayor Robert Appelgren.
Preliminary Budget for 2022
Todd Hagen from Ehlers was present to discuss our budget. We discussed the debt levy for this year in the amount of $3,233 which will be payable in February 2022 will be paid from the general fund. We can include the debt levy that is payable in August of 2022 in the amount of $4,279 with this budget.
After review, Friedrich made a motion to approve the budget with a preliminary levy at $154,109 and the debt levy of $4,279 for 2022, seconded by Haro. All voting in favor (Podritz, Friedrich and Haro), opposed (Carlock), motion passed 3:1.
We also discussed refinancing the bond to include the water tower loan. Todd will discuss the refinancing with Castle Rock Bank to find out the interest rate. We are currently paying 4.75% and we hope to bring it down to around 3.0%. The cost of refinancing will be approximately $15,000. It would double the length of the debt from 8
years to about 16 years but it will also decrease the debt service from $38,000 to about $19,000 a year. We will look into refinancing the bond.
We also discussed the water rates and the need to get that water fund stable. If we refinance the water tower loan we would bring the debt service down by half the amount that it currently is at so the water account would recover faster. Ehlers created a chart that gave us great information but we asked they amend it to bring down the amounts. He will work on redoing the chart so we can discuss at a future meeting.
Motion to adjourn the meeting made by Podritz, seconded by Carlock, the meeting was adjourned at 7:45 p.m. All voting in favor, none opposed, motion passed 4:0.