The city of Osage Beach has budgeted more than $4.5 million for capital projects and improvements this year.
The board of aldermen recently adopted the city's fiscal year 2018 budget which calls for $4,661.870 in capital projects to meet expansion goals of the city.
Major capital expenditures for this year include:
•Mace Road Phase 1 construction -- $930,733.
•New water well -- $620,000.
•Dude Ranch sidewalk and trail -- $446,728.
•Grand Glaize Airport sealcoat and construction -- $264,234.
•Columbia College water tower painting -- $260,000.
•Mace Road Phase 2 engineering -- $225,000.
•Tan-Tar-A lift station improvement -- $185,000.
•Dorothy Lane (Osage Beach Special Road District project) -- $150,000.
•Lee C. Fine taxiway construction Phase 2 engineering -- $140,000.
Other capital projects include new bleachers at Peanick Park, two new radar units and four new mobile terminals for the Osage Beach Police Department, installation of a new storm siren on Rt. KK, and various street and sidewalk improvements.
The city's overall budget is estimated at $28,571,180 for this year, 6.3 percent less than the just-concluded FY2017 budget. The 2017 expenditures were 7.6 percent under budget. With FY2017 expenditures under budget and a decrease in spending projections in FY2018, the city was able to add more funds to the reserve banks.
City Administrator Jeana Woods noted that funding for FY2018 expenditures takes into account FY2018 projected revenues and prior year appropriations not expended at year-end FY2017, as authorized by Missouri Statutes and per City Code. The beginning cash balances at Jan. 1 of $18.4 million include prior year appropriations not spent and are used for some FY2018 expenditures, which do include some carryover expenditures from FY2017, she explained.
Total FY2018 sources of revenue to support the city’s Governmental Funds, Enterprise Funds and Component Units are budgeted at $24,606,394, 5.1 percent less than projected in the previous FY2017 budget. Sales tax and fees and service charges, the two largest sources of revenue for the city, are projected to increase in FY2018 over FY2017 by 2.1 percent.
"The FY2018 budget represents the priorities of the city for our community and it is a financially responsible plan for our resources to provide the superior services to our community while preserving appropriate financial reserves," Woods explained.
Total outstanding principal for all city debt as of Dec. 31 was $28,011,313; total payments of $4,087,721 were made in FY2017.
The city’s debt consists of obligated bonded debt of $16,900,000 for Water and Sewer Revenue Bonds pledged with future utility customer revenues and capital improvement sales tax collection. The payoff of these bonds ranges from 2022 to 2027.
The Prewitt’s Point outstanding TIF debt as of Dec. 31 was $11,055,000. These bonds financed roads and water and sewer infrastructure in the Prewitt’s Point redevelopment area and are payable solely from bond proceeds, payments in lieu of taxes, economic activity tax revenue, and monies from the debt service reserve fund. In addition, the city has an estimated outstanding debt obligation of $ 56,313 for the FY2015 purchase of a new ambulance.