One of the widely undisputed goals of the City of Forney is to use taxpayer funds wisely as the elected officials and City staff strive to maintain and improve our city. The City of Forney’s Finance Director, Deborah Woodham, and her award-winning team of staff members work diligently and tirelessly to help make these goals a reality.
Recently during a periodic review by the City’s financial advisors, a recommendation was made to the Finance Department to refinance some of the bonds of the City of Forney. A bond, or in this case a general obligation bond, is a form of financing that is available to entities such as cities or school districts for the purpose of funding large improvement projects. Funds borrowed through bonds are generally repaid via a slight increase in the tax rate for a specified period of time. In the case of these bonds referenced by the City’s financial advisors, it was suggested to refinance $5.7 million in bonds, bringing the interest rate from 4.1% down to 1.3%.
At the October 20, 2020 City Council Meeting, the Forney City Council heard from Ms. Woodham concerning this refinancing option. After a brief summary of the financial advisors’ recommendations followed by the voiced support and excitement of the Mayor and Council to see a savings of this magnitude, the Council considered and unanimously approved the proposal. The approval of this refinance saved the City of Forney – and, in turn, the citizens of Forney – over one million dollars.
This is not the first time in recent past that the City’s Finance Department has presented the Council with the means to save taxpayers money. Just last year, the City of Forney was able to achieve an early payoff of bonds that had funded much-needed improvements on some of Forney’s major roadways. That early bond payoff in November 2019 equated to over $7 million in savings for Forney citizens.
Financial decisions like these are directly in line with the current goals within Forney City Hall to be good stewards of taxpayer money. The City of Forney is continuing its trend of fiscal responsibility and working to make the improvements we all need with as little cost to the citizens as possible.
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