Cedaredge trustees to address financial matters
By Hank Lohmeyer
Published Thursday, October 6, 2016 7:35 am
The Cedaredge Town Board will meet this month to act on issues relating to town finances.
Included in the action items for that session are two loans that have been made to the golf course fund from other town funds.
According to the agenda posted last week, the board will consider two resolutions -- one to "forgive" and thus discharge an $81,950 loan from the water fund, a loan that was made in 2011 to purchase equipment. The other is a loan of $16,000 from the town's sales and property taxpayers in the general fund made in 2012 for renovations to the golf course restaurant. The total subsidy to the golf course if both loans are discharged or written off would be $97,950.
The town is also looking at additional direct infusions of cash into its golf course operations from ratepayers in the water fund and sewer fund. More cash could come from the Lottery trust fund, a transfer that has been routine in recent years.
The agenda for the trustees' October regular meeting notes other financial business that will be taken up including a refinancing of a USDA Rural Development water line loan. The remaining balance would be refinanced at a lower rate and provide $175,000 cash to buy out the 20 percent ownership interest that Upper Surface Creek Domestic Water Users Association has in the town's domestic water collection and treatment utility.
Trustees will also discuss a proposal for approximately $33,000 in additional engineering to restart the stalled Main Street/Grand Mesa Drive enhancement beautification project.