The most notable topic of the meeting was the decision to increase funding for the housing rehabilitation program. Initially, no new money was allocated for this program in the proposed budget, but after discussion, it was decided to raise the budget to $100,000. The program, which aims to assist homeowners in maintaining and improving their properties, had approximately $59,500 remaining from its original $250,000 allocation. This increase will allow for the rehabilitation of an estimated three to four additional homes, continuing the trend of approximately six homes being rehabilitated annually for the past two years. One speaker emphasized the importance of the program, noting that they had visited every house involved and saw the significant impact it had on the community.

Another topic was the CRA’s financial position concerning a loan with USB. The Finance Director reported that the loan, initially taken out at a 2.875% interest rate, was now generating around $5,500 per month due to a shift from low-interest CDs to a money market fund with higher interest rates. However, caution was advised regarding future refinancing, as the current favorable rate would likely not be available.

The budget also accounted for significant infrastructure projects. Notably, the seawall project was allocated an additional $550,000, bringing the total budget for this project to $950,000, including the $400,000 previously budgeted. Engineering for the seawall is nearly complete, and the project is moving towards the construction bidding phase.

Other budgetary highlights included increases in the operating budget, such as office supplies, which rose from $100 to $2,000 to better meet operational needs. Also discussed were allocations for street rehabilitation, economic development incentives, and development agreement payments.

The meeting concluded with a unanimous approval of the 2024-2025 budget, incorporating the adjustments discussed, particularly the enhanced funding for the housing rehabilitation program.