Bloomington Council Discusses Financing and Debt
The Bloomington City Council could spend at least 18 hours putting together a five-year Capital Improvement Plan, including at least eight at meetings scheduled through next March. Aldermen heard a presentation from Finance Director Patti-Lynn Silva to focus on multiple financing and debt policies for the city.
Alderman Mboka Mwilambwe said he's concerned a short-term plan to take on more debt could be affected by future economic downturn.
"I'm not sure, at this point, if I would go back to, as our debt service decreases, if I would go immediately to bringing it back to the same level."
Alderman Kevin Lower also said he's concerned about that plan.
"We need to be able to allow our economy to grow as well, and, so, there's a balance here. And certainly Steve Stockton and Jesse Smart and others have talked about this in the past."
Council members will meet next week to begin discussing priorities for streets and sidewalks, with a meeting on storm and sanitary sewers in mid-October.