Mount Vernon’s property valuation increased from $348 million to $418 million this past year.

City administrator Chris Nosbich said that increase in valuation has increased the city’s debt capacity for projects moving forward. The city still has to have the ability to repay the debt it takes on, and not all the debt would be taxable.

The increase in valuation increased debt capacity for the city from $16.8 million up to $20 million.

“We keep 20 percent of our debt capacity in reserves in case of emergencies, like the derecho,” Nosbisch said. “Still, we ended the year with roughly $5 million of debt capacity.”

Council member Scott Rose asked if the additional debt capacity might help speed up process on building or bidding a new aquatic center.

“Yes, this theoretically could,” Nosbisch said. “I’d say we have the Hwy. 1 road projects, uptown streetscape projects and child care items that are sitting out there to possibly consider as well.”

The city also had to approve it’s Tax Increment Financing report by Dec. 1 of this year. In that fund, the city anticipates a request of $1,110,346 for the coming year.

Nosbisch said that the city had certified two bonds this year that will span two years in the fund —one for the Glenn Street and Minish Street extension and one for the pool project’s debt to extend the life of the pool for the next 10 years.

“We will see these projects on the budget for fiscal year 2025 and 2026,” Nosbisch said.

The city also has $200,000 in support for a child care building project in the community that they have earmarked.

There are currently eight outstanding notes in the TIF district. One of those projects will fall off in the next fiscal year.

Nosbisch said he is comfortable where the city sits with it’s debt capacity moving forward.