A record $36.5 million was spent in fiscal 2010 for street construction, repairs and maintenance in Bettendorf, but soaring principal and interest payments meant fewer dollars were actually available for upgrading and maintaining city roadways.
According to street financial reports filed with the Iowa Department of Transportation, city spending on streets increased from $28.7 million in fiscal 2009 to $36.5 million for the fiscal year ended June 30.
However, the principal and interest payments on bonds issued to pay for the street improvements and maintenance more than doubled, jumping from $6.3 million in fiscal 2009 to $14.2 million in fiscal 2010. The net result was $22.4 million available for actual road work and maintenance in fiscal 2009, compared to $22.3 million in fiscal 2010.
As of June 30, the city had nearly $67 million in outstanding general obligation bonds payable for streets, including $20.9 million issued last year for paving and construction work and $12.3 million issued in fiscal 2009.
The amount of property taxes used for the street program also more than doubled from fiscal 2009 to fiscal 2010, increasing from $6.34 million to $13.67 million.
Road tax monies received from the state increased slightly from $2.6 million in fiscal 2009 to $2.76 million last year, while miscellaneous (federal, state highway grants and reimbursements) increased from $1 million to $1.8 million in fiscal 2010.
CLICK HERE for the full Bettendorf street financial report for fiscal 2010, including a list of projects completed, cost of the street improvements and total dollars paid contractors for the street improvements.
CLICK HERE for the full Bettendorf financial report for fiscal 2009, including a list of projects completed, cost of the street improvements and total dollars paid contractors for the street improvements.
