KINGSTON – The City of Kingston ended 2018 with $1.1 million more in its unappropriated fund balance and Mayor Steven Noble would like to reinvest three-quarters of that back into the city.
The mayor said the increase in the general fund balance was due to the “strong budgetary performance made possible through smart fiscal management practices,” and that was without raising the tax levy for three consecutive years.
Noble has proposed to the common council that the city spend $390,000 to pay down the balance on a higher interest retirement amortization loan, which would save the city from paying higher interest rates in the future.
He has also proposed spending $350,000 for additional street paving this year. The Department of Public Works has identified eight streets to be paved, including all of Washington Avenue, earmarked for next year.
If the council approves the spending, the work would be completed this year, bringing to 25 the number of streets newly repaved, Noble said.