BOULDER CITY – The City of Boulder City was selected the finalist of the Cashman Good Government Award – winning the category “Cities under 100,000.” The award, now in its 22nd year, honors government entities and individuals whose ingenuity provides services to residents better, faster, and for less expense. Boulder City will join five other finalists, who will be introduced at a luncheon next month, after which one will be named the overall award winner.
The Award recognizes the City’s refinancing efforts with the 2006 Utility Revenue Refunding Bond with a principal balance of $23,586,000.00, with an interest rate ranging from 3.50% to 5.00%. The City, along with their financial advisor Zions Public Finance, selected Chase Bank, which offered a 2.06% interest rate, reduced the term by 4 years, decreased annual payments by $95K and resulted in a cost savings of approximately $4.8M Gross Present Value ($3.5M Net Present Value) over the remaining term.
“My staff has made fiscal responsibility, prudent financial stewardship and transparency priorities for the City,” said Diane Pelletier, Finance Director for Boulder City. “The ingenuity displayed by the team has served the citizens in a cost effective and fiscally responsible manner and provide an exceptional example worthy of the 2019 Cashman Good Government Award.”
“This finance team continues to lead the way in cost savings and finding new and improved revenue streams for the City,” said Al Noyola, City Manager. “I am proud of the hard work and dedication of Diane and all who work in Finance to keeping Boulder City a great place to live, work, play and retire.”
The award description says, “While the achievement of dollar savings is often emphasized in nominations, the innovative refinements of governmental operations and ingenious changes to processes and procedures that save staff and processing time are equally worthy of recognition.”