Improvements to Laura Mills Park are one of many items included in the city’s five-year capital improvement plan.
Sara Dowling | NNG
The Fallon City Council put its stamp of approval on the current city fiscal reports during its July 31 special meeting.
Deputy City Clerk/Treasurer Michael O'Neill presented the city’s debt management policy and indebtedness report, prepared by JNA Consulting Group, LLC, and the capital improvement plan as of June 30 compiled by city staff.
The Nevada Department of Taxation requires the city to submit a statement of current and contemplated general obligation debt and special taxes, a written statement of the debt management policy and a plan of capital improvements for the ensuing five fiscal years by Aug. 1.
The debt management policy’s executive summary states that, as of June 30, “The city has no general obligation debt outstanding paid from property tax. The city has $5,391,000 of outstanding medium-term general obligation debt. It has $5,403,194 in outstanding general obligation revenue supported bonds. In addition, the city has $48,193 of outstanding lease purchase obligations and $9,761,000 of outstanding revenue debt which are not considered general obligation debt.
“The city has $6 million of authorized, but unissued medium-term general obligation debt. This authorization from the Department of Taxation expires on July 11, 2025. The city anticipates issuing the remaining authorized bonds during fiscal year 2025.”
The capital improvement plan includes mentions of multiple items over the next five years including the Auction Road reconstruction, general street improvements, Laura Mills Park infrastructure, landfill equipment and infrastructure and replacement garbage trucks.
The reports will be next presented to the Churchill County debt management commission Aug. 15 at 3 p.m. in the Churchill County Commission chambers.