Ericka Thomas, city comptroller, speaks during Monday’s work session of the full City Council.

The city of Jamestown has more than enough money in its budget to pay the cost of an increased bond for the city’s fleet maintenance garage.

It’s the timing of that payment that could be a problem, according to city Comptroller Ericka Thomas. Thomas discussed the matter with City Council Finance Committee members on Monday, saying the bond anticipation note was sold shortly after the City Council approved increasing the BAN from $4.5 million to $6,348,081. The original $4.5 million comes with an interest rate of 4.326% while the additional $1.7 million comes with an interest rate of 4.39%.

Before increasing the bond anticipation note the city had to pay down the existing note by $88,000. Next year, the city will convert the bond anticipation note into a regular, long-term bond – basically a municipal loan that has to be paid much like a personal loan.

The city has one bond that will be paid off next year and another that will be paid off in 2026. The main difference is that one of the bonds that will be paid off is typically paid in January, while the new fleet maintenance garage bond payment is likely to be due each year in May or June. Thomas said she wants to move that payment.

“It would spread the payments out, essentially,” said Brent Sheldon, R-Ward 1 and Finance Committee chairman.

“Right now the two in June are $730,000. If we add this one next year it’s just going to be a lot of money in the June timeframe when we pay the county taxes and stuff like that,” Thomas said. “It’s a question I have to ask – when everything is done can we pull rolling it over to an actual bond to earlier than May.”

Committee members also approved a new check policy for city employees. City officials want to increase the stop payment fee to $15 and the re-issued check fee to $32. While many employees pay is direct deposit, some city employees still prefer paper checks while reimbursement checks are also issued on paper.

“On the bank analysis statements there is usually one stop payment, maybe two stop payments, each month across all the different accounts,” Thomas said in response to a question from Sheldon. “We have had an employee have to have a check reissued two times. So (this) in the interest of some accountability and trying to recover some of these costs. There’s not a lot, but there are some costs and there’s the cost administratively when my team has to stop their day-to-day (activities) and hand cut a check.”