by Jackie Nunnery
HEATHSVILLE—As the Northumberland board of supervisors moves forward with plans for a multi-million dollar emergency services radio upgrade, Davenport Public Finance senior vice president David Rose shared borrowing options in order to pay for it.
“The county is in very solid financial shape and probably the best shape it’s been in all the years I can recall,” Rose told the board on Thursday, October 13. Rose said the 25% lower debt profile versus fiscal year 2012 and an increased unassigned fund balance of nearly $9 million would help the county with overall ratings.
Rose presented two borrowing options of $6 million financed for 5% with either a 10-year or 15-year repayment plan. He pointed out that even at a quicker payout of 10 years, the debt service amounts to 8% of the budget. “That’s considered by the rating folks as ‘very strong,’” he said.
Again looking at the 10-year payback, the new borrowing would require $300,000 in debt service for fiscal year 2024 and $777,000 every year after….
