Hoschton officials are hoping 2014 will be the year the city begins to get a handle on its financially troubled Water & Sewer system. Having used up virtually all of its reserves this year to keep the struggling system afloat, in November Hoschton got approval by the Georgia Environmental Finance Authority (GEFA) for three years of “payment amnesty.” That means the city will only pay $13,000 of bond debt interest in 2014 and won’t have to make any payments on its two GEFA loans. This year, those payments totaled $464,900. That savings, along with transferring $200,000 from the town’s General Fund into the W&S Fund will hopefully help the town rebuild reserves in the W&S Fund such that it can begin to repay the GEFA loans once the three year amnesty ends.
The Hoschton City Council went over its first read of the town’s proposed 2014 budgets Monday night. The council took no action on the budgets and will meet again on Monday, Dec. 30, at 6 p.m. for a public hearing and the final budget reads.
For the full story, see the Dec. 18 issue of The Jackson Herald or the Braselton News.