MARGATE After months of discussion about what projects to fund, the Board of Commissioners introduced two bond ordinances May 17 appropriating a total of $3.55 million for capital improvements. Ordinance 07-2018 appropriates $2,150,000 for general capital improvements and Ordinance 08-2018 appropriates $1,400,000 for utility improvements.
Chief Financial Officer Lisa McLaughlin said the general capital amount is below the city's normal annual appropriation of $3.5 million.
"There is a possibility of another ordinance being introduced later this year for upgrades to our municipal building, but that is being reviewed currently," she said.
McLaughlin said the state allows the city to bond as much as 3.5 percent of the city's three-year average equalized value, which is $3,958,291,510.
We are ell below where we are allowed to carry in debt, she said. "Our net debt currently is .98 percent, so we're in good shape."
The city will issue a total of $2,042,500 in bonds and notes to fund:
- $660,000 for the purchase of vehicles and equipment, including SUVs, surf rakes, Sea Doo, and fire equipment and apparatus for the Police, Fire and Public Works departments and Beach Patrol
- $331,000 engineering, plans, specifications, construction inspection and administration for recreation improvements, including tennis court resurfacing, pickleball courts, Tighe School field and decking for Lucy the Elephant
- $1,011,000 for road improvements to Winchester Avenue from Granville to Exeter Avenue, Atlantic Avenue from Fredericksburg to Frontenac Avenue, and reconstruction of Burk Avenue, including milling, paving and curbs and gutters
- $67,000 for HVAC improvements at Historic City Hall and Margate Municipal Building
- $81,000 for information technology
The city will issue a total of $1.4 million in utility bonds and notes to fund:
- $251,000 for water and sewer upgrades required for the road improvements
- $175,000 for GIS mapping improvements
- $843,000 for hydrants, redevelopment of Well No. 8 and painting Benson Avenue water tower
- $131,000 to replace a water main on Burk Avenue from Barclay to Clermont Avenue
A public hearing on the bond ordinances will be held at 5 p.m. Thursday, June 7.
