Oswego Village Board votes to pay off $3 million bond early

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At its July 16 meeting, the Oswego Village Board approved a strategic financial decision to pay off $3 million in bonds using general fund surplus from fiscal year 2024 (May 1, 2023 to April 30, 2024). The move will clear the remaining balance of the Series 2013 bonds that were issued to pay for Douglas Road improvements. The general fund ended FY 2024 with a surplus of just over $6 million and has a fund balance reserve that exceeds the requirements of the fund balance policy.

By retiring the bonds early, the Village will reduce $1 million in expenditures for transition year 2024 (May 1, 2024 to December 31, 2024). This proactive move not only strengthens Oswego’s financial position, but demonstrates prudent fiscal management by reducing long-term financial obligations. The Village will save $137,961 in interest by paying off the remainder of the bond. “The decision to pay the $3 million balance off early using our surplus funds is a testament to our commitment to financial responsibility, transparency and efficiency,” said Village president Ryan Kauffman. “We are always looking for ways to save taxpayer money. By eliminating future interest payments and reallocating $1 million during this transition year, we can further enhance our community’s services and infrastructure.”

The Board’s action underscores the Village’s dedication to sound fiscal policies and responsible stewardship of taxpayer dollars. The Village remains committed to pursuing opportunities that optimize financial outcomes and benefit all residents. For more information on the Village’s finances, visit oswegoil.org/government/transparency.

— Village of Oswego

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