While the City has been hit with unexpected costs for juvenile detention and infrastructure rehabilitation, it did get an unexpected $1.192 million in underpaid interest income from is fiscal agent, Sabine State Bank.
At the City Council meeting Monday, the Council introduced a budget amendment as required when revenue or expenses exceed 5%. Director of Finance Clarissa Brown-Smith said that while reviewing the fiscal agent renewal agreement with Sabine State Bank, the bank discovered that interest income on City accounts had not been paid over the last five years.
Of the $1.192 million, Brown said the City will designate $942,000 to the City reserves and use $250,000 for the rehabilitation of the City’s 1 million gallon water storage tank. Director of Utilities Matt Anderson said the storage tank project is in the engineering stage and the City received has also received $300,000 from State Capital Outlay. He will continue to seek additional funding through grants.
Later, the Council adopted a resolution naming Sabine State Bank as the fiscal agent through Oct. 31, 2024.
In addition to introducing the budget amendment ordinance, the Council introduced other ordinances. They are:
•Will amend lease with La. Agricultural Finance Authority to combine two leases into one document for rental at Natchitoches Regional Airport for annual payment of $1,924
•Appropriate $126,000 from American Rescue Plan for master plan for Mill Street District, for entertainment district where brewery and venue businesses are located
•Appropriate $75,000 from American Rescue Plan for costs of juvenile housing for detainees
•Appropriate $78,000 from American Rescue Plan for repair of storm drain outfall system and sinkhole at 843 Washington The Council adopted the following resolutions: •Authorized legal counsel to participate in the claims process in Poly Fluoroalkyl litigation, a chemical to put out fires that failed to satisfactorily dissolve in Sibley Lake
•Approved Capital Improvement Plan for Natchitoches Regional Airport that will include but not be limited to LED lighting, rehabilitation work, weather monitoring, signage lights, land acquisition, etc.; paid for by La. DOTD
•Agreed to contract with La. DOTD to maintain sidewalks that will be constructed as part of La.6 roundabout at LA. 504 The council cast the votes on three ordinances that were introduced at the last meeting. They are:
•Rezoned Northwestern State University property that will be sight of innovation center
•Rezoned lot on Second Street from R-2 to R-2Special Exception for Air B&B
•Awarded bid for Street Rehabilitation Project to Regional Construction at $802,099