BROOKINGS Tuesday nights Brookings City Council meeting began with some good news: The citys annual comprehensive financial report and audit for 2023 found no discrepancies.
The presentation was provided by Brian Stavenger of EideBailly. Some tidbits he pointed out included:
The citys liquidity ratio is above average. Liquidity refers to the dollars that remain available once on-going budget obligations are met, allowing for some cushion in case unexpected expenses arise.
Over the last 10 years, Brookings has had no less than a 3.00 liquidity (in 2018) and as high as a 5.25 (in 2023) basically, the city has always had at least $3 on hand for every dollar owed, with it being as high as $5.25 on hand for each dollar owed. The bare minimum standard is a 1.00 liquidity with 2.00 or higher preferred. Long story short, Brookings is doing well in this category.
At the end of every fiscal year, theres a fund balance essentially reserves to be utilized into the future, Stavenger said. Brookings has a positive balance, which contributes to a favorable bond rating, produces investment income and provides a source of working capital to meet cash-flow needs. It also offers a cushion for unexpected costs or revenue shortfalls.
In other business, city councilors:
On a 7-0 vote, approved a resolution centered on an energy savings performance contract with Ameresco thats valued at an estimated $3.356 million.
The scope of work includes LED lighting upgrades at city facilities such as the East Fire Station, the public library, Brookings City & County Government Center and more. Other work which has been noted in the citys five-year capital improvement plan includes replacing the roof at the East Fire Station and HVAC equipment upgrades at that fire station along with the Larson Ice Center and Dacotah Bank Center.
These contracts, per a city memo, are structured so the payment for financing energy conservation measures is recovered from the energy cost savings those measures create.
Renewed, on a 7-0 vote, Interstate Telecommunications Cooperatives franchise agreement with the city to construct, operate and maintain a cable television system in the city.
On a 7-0 vote, gave the go-ahead to a budget amendment of $45,243 to the E-911 Fund to account for a hardware refresh and maintenance contract with Two Way Solutions Inc.
Approved a resolution, again on a 7-0 vote, to close an additional state revolving funding loan for Brookings Municipal Utilities water treatment plant and piping project.
Altogether, construction costs could potentially reach $114.7 million. This SRF loan of $40.7 million, combined with a previous SRF loan of $50.9 million and American Rescue Plan Act funding of $29 million, will cover those costs.
City Manager Paul Briseno noted that slurry sealing will begin Thursday at 8 p.m. 22nd Avenue South will be done from Eighth Street to 20th Street. On Friday, the parking lot at the Brookings Public Library will be done, along with 32nd Avenue. Additional work involving re-striping is also planned at the intersection of 20th Street and 22nd Avenue on Friday.
It was noted during the citys progress report that the library will closed on Sundays in August.
Contact Mondell Keck at [email protected].
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