Princeton City Council Meeting March 5, 2018
The Princeton City Council met in regular session Monday night at the Tourism Center in downtown Princeton.
After the Pledge of Allegiance and a prayer Mayor Danny Beavers called the meeting to order and City Clerk Julie Key called roll. Councilmember Alyson VanHooser was absent.
Mayor Beavers then welcomed all the special guests, including R.J. Palmer and Greg Phillips from Compass Municipal Advisors as well as several members of the community. The council then unanimously approved the minutes from the February 19th meeting and Mayor Beavers presented the check register.
The council then heard various committee and department reports from the Princeton Police Department, the Princeton Fire Department, the ABC Council, Code Enforcement Board, Airport Board, Water Commission, Electric Plant Board, Community Economic Director, and the Finance Committee. Public Works Director David Sullenger then addressed the council reminding them that Spring Pickup will begin on Monday, March 19th, at 7AM. Anyone wanting items to be picked up by the city must have them ready for pickup by the 19th.
Mayor Beavers then gave his Mayor’s Report in which he stated that he is still working on the city’s budget and hopes to have something presented to the financial committee soon. He also mentioned that the Lake Barkley Partnership is currently in the interview process for a new Economic Director and that he hoped someone will begin in that role as soon as the end of March.
The meeting then moved to unfinished business of which there was none so the meeting moved to new business. No new business was brought to the table by the council so the meeting moved to a time of informal discussion concerning the financial workshop held before the meeting.
During the financial workshop R.J. Palmer and Greg Phillips from Compass Municipal Advisors in Lexington presented information and options for funding the construction of a new Public Safety Building to several city leaders and community members. Palmer and Phillips gave a brief summary of the city’s general fund stating that over the past several years the fund was unstable, rising and falling instead of staying constant. However, the city’s fund balance, or it’s “net worth,” is still healthy, staying at around 45%. Palmer and Phillips suggested that city leaders look into ways to fix the imbalance and institute a capitol plan. A capitol plan would be a long term policy that would allow the city to know when and how it could afford various projects while also budgeting for unexpected expenses. Palmer and Phillips stated that many rating agencies look for measures such as this during the rating process, therefore if one was implemented it would greatly help the city on it’s overall bond rating. Currently Palmer and Phillips projected that Princeton would be rated A1, which is almost in the AA rating, the highest rating category. They mentioned that Princeton’s rating compared to that of Bardstown, Georgetown, and Litchfield, while towns like Paducah and Murray are rated at AA3. Palmer and Phillips went on to say that according to their projections the debt service cost of the new police station would be $140,000 a year for a 20 year bond while the fire station would be $210,000 a year for 20 years. Collectively the debt service cost would be $350,000 a year for 20 years, or $315,000 a year for 25 years.
After a brief discussion in which Mayor Beavers stated that updating and renovating the current police and fire stations wouldn’t be possible due to space restrictions, a motion was made to adjourn. After a second the council unanimously approved adjournment. The next regular session Princeton City Council meeting will be on March 19th and is open to the public.