Financial update highlights Emporia City Commission study session Wednesday Featured

Greg Vahrenberg of the Raymond James Firm presents the financial update to commissioners. Greg Vahrenberg of the Raymond James Firm presents the financial update to commissioners. Tagan Trahoon/KVOE News

The Emporia City Commission focused much of their attention on the city's current financial position Wednesday morning.

During the commission's study session, Greg Vahrenberg of the Raymond James Firm presented a financial update for the city of Emporia. City Manager Mark McAnarney says the financial analysis took into account all future projects, all cash balances and all projected debt offerings.

According to McAnarney, the city is in a very favorable position financially having paid off "a lot of general obligation debt." McAnarney says the city does still have some debt in regards to the water plant and wastewater systems.

In terms of general obligation, S&P Global Ratings assigned Emporia its long term 'A+' rating meaning the outlook is "stable." Despite this, the assessment labels Emporia's Economy as "very weak" with projected per capita effective buying income at 67.5 percent of the national level and value per capita of $37,871.

McAnarney says this does not mean there is no growth locally, but rather growth which is more central to Emporia.

 

The report also showed Emporia has the potential to fund over $22 million in general obligation bonds with no increase to payments.

In other business, commissioners also discussed the next five years for non-personnel funds. The city will be keeping all levies flat in the coming fiscal year compared to years before.

The multi-year fund is also currently under budget and is up 3 percent. A recommendation handed down by commissioners is to see $15,000 decreased from Emporia Enterprises' 2020 budget.

This would bring the 2020 allocation to $25,000 with the aforementioned $15,000 being moved into the balance for future land purchases. McAnarney says this is simply a recommendation and nothing is definite.

 

In addition to these items, the commission received an insurance presentation from representatives of Arthur J. Gallagher and Co. An update was also given in regards to upgrades at the Emporia Wastewater Treatment Plant.

According to McAnarney, the upgrades are expected to reach substantial completion by next week, with a ribbon cutting scheduled to be held next Wednesday.

The Emporia City Commission will hold an action session next Wednesday at 7 pm inside the Municipal Courtroom at White Auditorium.

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Last modified on Wednesday, 12 June 2019 15:51

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