WACO, Texas (KXXV) — Waco will spend less of your tax dollars and borrow less to finance capital projects this year than in the last two years.
- City Council approved a capital improvement plan totaling nearly $177 million last month.
- The city says the council will be asked to adopt the capital projects into the budget in March.
- The city prioritizes borrowing less this year to finish projects it's already started.
BROADCAST TRANSCRIPT:
"When you look at capital programs, you're looking at multi-year projects," Blu Kostelich said. "So it's slightly different than looking at your operational budget."
Last month, Waco's City Council approved a capital improvement plan totaling nearly $177 million.
Waco's CFO Blu Kostelich told 25 News this year that the city is prioritizing borrowing less to save more.
"The city made a strategic decision this year based on the environment we are in to borrow a little bit less, but that doesn't mean we're doing less projects," he said. "Over the last couple of years, the city took on several new projects, so we have to ensure we're finishing our projects."
With that $177 million—more than $40 million of the capital projects will now be financed with cash. The city will issue the remaining nearly $136 million in debt.
"We are trying to finish up some projects we have taken on while still looking at what the city truly needs at this point."
Among the capital improvement projects around our community—the Speegleville drainage project, work on streets and bridges, and the Bull Hide Creek wastewater treatment plant expansion.
"What we're trying to do is provide the critical infrastructure to enhance the quality of life and provide safety for our citizens, businesses and residents," Kostelich said.
So, what does this mean for your bottom line? Even with the city borrowing less this year, your utility bill can continue to go up.
Next year, our neighbors can expect a nearly 6% increase in utility rates—or an average of $7.79 per month.
The city says this reflects increases in capital programs and they have to cover debts, which are usually funded by these user fees.
