Town of Oak Ridge Council Meeting 2/2/2023  Reportfrom Finance Officer Samuel K. Anders, CPA, MSA  1. Financial Report (See attached)  2. Activity Update  A. We have received the wire transfer remitting property taxes of $96,034.21 and Motor Vehicle Taxes of $7,227.33 from the Guilford County Tax Department, total to be received $103,261.54. This represents all coliections in our account as of 1/31/23. B. We received our monthly sales tax and property tax disbursement. We also received Interest, ABC Revenue Distribution, Veterans Honor Green Donations, and Other Park C. Investments at our banks are being monitored and we are looking for other approved options to increase our yield. Pursuant to this $500,000 was moved to an account at D. We have supported the staff with grant compliance throughout the month and the bid process with bid opening. Ir received both financing bids and have provided you with a synopsis oft the key factors and rate results with my recommendation. After this, attended the NC State Treasurer's required pre-application Teams conference with Bill where our bid process for the loan was explained and they confirmed the rate offered was within the range they were seeing and considered it a good rate, Upon conclusion of tonight's meeting, Iwill formally notify the bidders of the financing decision and update the chosen bank with the timeline for the LGC application process as well as finalize al list of all requirements they need to proceed to closing before the rate lock lapses on 3/15/2023. We are continuing to support the ARPA: and SCIF Grants as well  Revenues.  Piedmont Federal Savings Bank.  as the CIP process and work on the potential water system.        Town of Oak Ridge Heritage Farm Park Project Analysis  Total Cost  Funding Source PARTF ARPA Truist Loan Fund Balance  Description Bid Reçeived Musco Lights Total Cost  Cost $4,750,000.00 $ 422,500.00 $5,172,500.00  Amount $ 490,000.00 $1,656,102.00 $3 3,000,000.00 $ 26,398.00  Total Funding $5,172,500.00  DebtService 2022-2023 2023-2024 2024-2025 2025-2026 2026-2027 2027-2028 2028-2029 2029-2030 2030-2031 2031-2032 2032-2033 2033-2034 Less Loan Amount Total Cost of Debt  Truist  Whitaker Total Debt Service  $ 132,036.13 $244,800.00 $ $ 311,305.04 $234,000.00 $ $ 303,425.04 $223,200,00 $ $ 295,545.04 $212,400.00 $ $ 287,665.04 $201,600.00 $ $ 279,785.03 $190,800.00 $ $ 448,950.02 433,978.03 419,006.03 404,034.02 387,967.59 > 17,828.05 $(3,000,000.00) $ 721,525.06  376,836,13 545,305.04 526,625.04 507,945.04 489,265.04 470,585.03 448,950.02 433,978.03 419,006.03 404,034.02 387,967.59 17,828.05  $ $ $ $ $ $  Total Truist Payments $3,721,525.06  Town Debt Structure- Assumes $180,000 Added Principal Applied to' Truist upon payoffofwWhitaker The 01/31/2038 180th Final payment is moved to 07/31/2033 the 131st Payment and pays off 49 months  early, thereby reducing Interest due over the course of the loan by $169,900.37,    Fund Balance Analysis for FY 2022-2023 As of February: 1, 2023  We are projected to reduce fund balance by $1,473,565 fort the 22-23 adopted budget. Included in that number was expenditures of $1.1 million for water and 70K1 for NCDOT Road Improvements. Since we are not going to expend these amounts before the end oft the budget year, the reduction in fund balance Should the council approve the HFP ati the higher adjusted bid amount, the amount from fund balance needed Is $26,398, Add that to the adjusted $303,565 andy yous get $329,963 fund balance reduction and we are still reducing fund balance by $1,143,602 less than we planned to, The planned higher reduction fort the current year left an agreeable fund balance that allf felt was: still sufficient to operate the Town, Moving forward with the HFP project will actually still allow an increase to the acceptable fund balance  would be $303,565.00.  remaining instead of reducing it further.