Almost a year into their terms, the current Bossier City Council members that promised fiscal prudence and reform look set to deliver a heaping dosage of it in their meeting this week.
A couple of holdovers and four new members who took office last Jul. 1 came in with stated agendas of making more prudent spending decisions and better fiscal management than the predecessor majority. That has happened in bits and pieces, such as reducing free riding by large apartment complexes on water and sewerage fees and in refinancing bond deals. However, this week’s agenda features the broadest range of reform yet at the same time signals where more work can be done.
One item echoes previous efforts with the extension of a refinancing strategy for older bonds. An ordinance will extend the ability of the city to use a $15 million bond issuance in 2021 originally intended to pare down an issue connected to past public works projects (principally the Walter O. Bigby Carriageway, whose account has been spent in totality) to another active bond series. Essentially, the city will take advantage of differential interest due – the additional series had small payments early but these will increase substantially the closer it gets to its 2036 due date – between old and new issue to save roughly $850,000 annually.
