LYNNWOOD
In light of the city of Lynnwood’s budget shortfall, council members are eyeing the recreation center project as not a sacred cow, but rather as a cash cow.
As the council grapples with the biennial budget and how to solve the city’s shortfall, the recreation center will be an agenda item at the Dec. 14 meeting.
“I question if now is the right time,” said Councilman Jim Smith during Monday’s work session. Smith’s comments came during the construction contract review of the recreation center.
Councilwoman Lisa Utter suggested that scaling back on certain aspects of the project might yield some savings.
The total funds appropriated for the project hovers around $25.5 million including design, construction and furnishings.
“A financing plan, adopted last fall, provides for (funding),” said John Moir, city finance director. He referred to the bonds, set to expire December 2011 with a 2.81 percent interest rate, from utility taxes – 3 percent from telephone communications; 1 percent from cable utility; and 6 percent in solid waste.
This funding structure is intended to cover operations as the debt is retired, according to Moir.
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