City to Save Nearly $2 Million
The City of Greenville is looking to save taxpayers nearly $2 million. The City Council has agreed to take out a loan to give refunds of the City’s 2004 Certificates of Participation (COPS) and the 2009 Installment Purchase Contract.
Financial Services staff have been working with the City’s financial advisors to find ways to save taxpayers money and found that some big savings could be realized simply by taking advantage of current interest rates.
“The City is always looking for ways we can continue to provide excellent services in a fiscally responsible way,” said Financial Services Director Bernita Demery. “This agreement would allow us to continue to do so and, in the process, save our taxpayers a great deal of money over several years.”
City Council passed a resolution at their September 10 meeting and held a public hearing about the idea at the September 13 meeting before giving its final approval.
The City is looking to save roughly $119,000 in the first year, and then $165,000 per year over the next 12 years for a total savings of $1,731,738.
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