As an offshoot of a capital projects bond issued approved by voters in 2017, Murphy City Council took another look at a program to continually fund replacement of capital equipment to avoid issuing bonded indebtedness for recurring expenses.
The council first addressed the capital equipment replacement program in March and got a follow-up report in April. Plans are to include the program in next year’s budget if funding can be decided.
“We have not done real well planning for our capital costs,” Mayor Scott Bradley said. “It’s always year by year.”
A capital equipment replacement program is designed to prefund recurring costs for vehicles and other big-ticket items, and major maintenance. Items that are funded through the program could be purchased outright by the city instead of issuing interest-bearing bonds.
By Joe Reavis • [email protected]