TOWN OF GENEVA — On the last day of 2018, town supervisors resolved to seek a loan to cover infrastructure work, safety equipment and the possible expansion of a public service project.
At a special town board meeting Dec. 31, the board voted unanimously to borrow a one-year loan of $250,000 from Town Bank in Lake Geneva.
Town Chairman Joe Kopecky said the town had $180,000 in potential capital costs that needed to be covered either with a loan or with other town funds that would be “non-lapsing.”
Town Clerk/Treasurer Debbie Kirch said the board is prepared to pay off the loan by the end of 2019.
Kirch said the town supervisors want the loan to cover maintenance on Springfield Road, which crosses over state Highway 12 near Lake Como.
The loan is also expected to cover purchases of highway, fire and police equipment.
In addition, the supervisors want to continue their effort to provide broadband internet access to the entire town — an initiative Kopecky has been pursuing for over a year.
Kirch said the broadband access project may not materialize in 2019, but the board would like to see it done eventually.
“We’re still pushing forward,” she said.
Kirch also explained the disparity between the loan amount and the potential capital costs. The board expects to need $180,000 to cover the capital costs, but officials would like to invest the rest of the $250,000 loan into future projects.
Taking out loans is uncommon for the town — the last was taken prior to the year 2000 — but Kirch said the board’s inability to raise its tax levy limit at this time has made a loan preferable to using other funds.
“We can’t fund our non-lapsing accounts anymore,” she said. “We don’t have the tax base to do that.”
The town supervisors plan to implement their improvement projects later this year.