City audit, revolving loan fund request on council agenda
The City of Wayne "has good cash reserves and being very pro-active in financial matters" was the message the Wayne City Council received during Tuesday's meeting of the council.
Terry Galloway with Almquist, Maltzahm, Galloway & Luth, PC, presented the fiscal year 2017-208 audit to the council and noted that the audit was an "unqualified opinion, which gives the city the highest level of assurance" in regard to its findings.
Galloway told the council that the city had under-spent its budget by approximately $1,988,000, which is "good news for taxpayers."
He went on to say that compared to other cities, which spend approximately $210 per person on taxes, Wayne only requires $156 per person on taxes.
Galloway also praised the city for a number of other sound financial practices and commended those who make the decisions.
The council also took action on the LB840 Revolving Loan Fund Review Committee's recommendation for a $250,000 loan to Talon Capital, LLC in connection with the purchase of the former D.V. Fyre Tech facility.
Council members discussed the terms of the loans, including the interest rate and whether that rate should be tied with job creation over the next three years.
Following debate, the request was approved with the stipulation that five full-time jobs be created in the next three years.
Council members also approved the city's one and six year street improvement program.
Listed on this year's project goal are the Nebraska Street project from Second to Seventh Street, work on downtown alleys and extension of a street on South Windom Street.
Following a public hearing, Dustin Soden was granted a "Use by Exception Permit" to obtain a dealer's license to sell automobiles at 502 Main Street. The location is in the B-3 zoning district which does not allow for this type of activity, without such a permit.
The Wayne City Council will next meet in regular session on Tuesday, Feb. 19 at 5:30 p.m. in council chambers.