Burlington Mayor Miro Weinberger says the city's financial picture is improving and that is leading to direct savings for taxpayers.
At a press conference Thursday, Weinberger announced the city has refinanced some of its debt through the Vermont Municipal Bond Bank at more favorable rates. The old bond was approved by taxpayers in the 1980s to improve the sewage treatment plants in the city and help stop stormwater from going into the lake.
Weinberger says the new bond will save taxpayers $5 million over the next 20 years.
"We take this as one of the first independent signs from an outside party, that the focus and effort from the administration over the last couple years to right the financial ship, to get the city on the right path with the respect to its finances is starting to work and starting to have a real impact in the way our outside partners view the city of Burlington," said Weinberger, D-Burlington.
"Very pleased with the changes we've seen there. They made some accounting changes; they've done work with segregating their cash. Those things may not seem overwhelming, but they do create the basis for things to come," said Beth Pearce, D-Vt. Treasurer.
The city has not resolved all of its financial problems. There is still the uncertainly over $50 million in debts for Burlington Telecom. There is a trial date for March to see if the city can come to terms with the bank to resolve the matter.