The Cherry Valley City Council approved resolutions concerning the budget and expenses for the city’s fire and water departments during its January meeting.
Aldermen approved a resolution amending last year’s budget and a separate resolution passing the budget for 2024. The budget includes 5% raises and other pay increases.
The council agreed to re-finance the fire department’s loan with Fidelity Bank to repair its rescue truck. Fire Chief Shane Bell said a new frame and labor would cost around $40,000. Chief Bell requested to refinance the loan to add $20,000. The other $20,000 will be carried over from the 2023 budget. The current loan with Fidelity Bank has a balance of around $32,000 with a 4.75% interest rate. The re-financing would be for five years with annual payments of around $9,000. Chief Bell noted that once the frame is repaired, a pump test would have to be performed.
Aldermen approved opening a separate account at Fidelity for the construction of the new water plant. The city has received a loan principal forgiveness of some $3.3 million from the Arkansas Natural Resources Commission, which requires a separate account for the funds.
The council approved two other resolutions related to the water plant project, one allowing Mayor Adam Love to execute certain documents related to the funding; and another expressing intent for the project.
There was also a discussion about jail fees. Aldermen asked Recorder-Treasurer Stacey Bennett to contact the city attorney and have an ordinance drawn up to amend the city’s current ordinance.
