The Harlem City Council has voted unanimously to approve financing for the city’s park and city works building projects.
During the council’s work session on Nov. 20, city attorney Barry Fleming, along with Stifel Financial consultant Andrew Tritt, presented the councilmembers with the prospect of borrowing roughly $4 million to use toward the projects.
The borrowed funds, being municipal bonds, would not be federally taxed, and would be in addition to the same amount already in the city’s budget. Fleming advised that the loaned monies could be spent on projects, while the money Harlem already has could gain interest to help pay the difference, helping the city save money.
The council voted to approve the financing during its regular meeting Monday night, allowing Mayor Roxanne Whitaker to sign the documents to complete the process.
Council member John Thigpen asked if the borrowed funds could be used toward any project. Fleming responded that while there must be a stated purpose for the funds, the loan would not be as strict as a SPLOST fund.
“Because you already have $4 million in your bank account, and you’re borrowing $4 million, you can spend this on whatever you want to, but you’ve got to spend this to pay back the money,” Fleming explained. “The money is fungible, so the practical answer is yes.”
The council had already voted to adopt the city’s operating budget for 2024, which shows Harlem’s total revenue at roughly $4 million, and administrative expenses at more than $373,000. The latter included an increase to contract maintenance personnel, an aspect of the budget council member Daniel Bellavance expressed disapproval of during the work session the week prior.
The vote approving the budget was 4 – 1, with only Bellavance voting against it.
The board also approved that Dec. 16 Harlem will recognize Wreaths Across America Day, with a wreath-laying ceremony at noon at the Harlem Memorial Cemetery.
Skyler Q. Andrews is a staff reporter covering business for The Augusta Press. Reach him at skyler@theaugustapress.com.
