Updated: Mar 12, 2020
It's no secret that in the past Menasha had been saddled with more debt than the average city. Good news is that we've paid about 40% of our debt off in the last 9 years, or $17 million while still investing in vital infrastructure, equipment, and amenities.
While my opponent wanted increase our borrowing by nearly $350,000 for the Public Works Facility to provide more flexibility, I believe that we shouldn't borrow for things that we can pay cash for. I want to pay down the debt not increase it.
We've relied heavily on the Wisconsin State Trust Fund loan program over the past 10 years because of that high debt load. But that came at a cost of higher interest rates. Good news is that last fall our financials were strong enough for us to return to the bond market. That's where cities our size get the best interest rates for borrowing to do infrastructure projects.
With the stronger financial position we are now in the City is moving forward on refinancing more of our remaining debt to take advantage of lower interest rates. If approved, it is expected to save taxpayers around $1.15 million in interest over the next 10 years.
It's not been an easy task but we're Moving FORWARD improving Menasha's financial picture