WEST CARROLLTON -- The city council on Tuesday agreed to refinance the debt for the local YMCA, which should save about $108,000 over the life of the debt.
The original terms for the remaining debt of $2.58 million included a 3.17 percent interest rate ending in 2019. The city secured a new interest rate of 1.88 percent also ending in 2019.
This refinance will result in a total savings of approximately $108,000 during the next seven years, or $15,400 per year, said Tom Reilly, West Carrollton finance director. The city is pursuing every available option to save money and stretch the citys budget, he said.
In 2012, city revenues decrease approximately $670,000 due to the elimination of 330 jobs at Appleton and reductions in state funding.
The YMCA, at 900 S. Alex Rd., opened on March 29, 2004, has 4,169 members and received about 15,000 visits in December 2012.
The original terms for the remaining debt of $2.58 million included a 3.17 percent interest rate ending in 2019. The city secured a new interest rate of 1.88 percent also ending in 2019.
This refinance will result in a total savings of approximately $108,000 during the next seven years, or $15,400 per year, said Tom Reilly, West Carrollton finance director. The city is pursuing every available option to save money and stretch the citys budget, he said.
In 2012, city revenues decrease approximately $670,000 due to the elimination of 330 jobs at Appleton and reductions in state funding.
The YMCA, at 900 S. Alex Rd., opened on March 29, 2004, has 4,169 members and received about 15,000 visits in December 2012.