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Lawton Finance Department Clarifies $40 Million Loan and Revenue Summary

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The City of Lawton Finance Department has provided further clarification on the $40 million loan and General Revenue Summary in response to inquiries from 7News.

Question: What is the purpose of the $40 million loan?

Answer: The loan will be used to fund various capital improvement projects, including road repairs, water and sewer infrastructure upgrades, and public safety enhancements.

Question: How will the loan be repaid?

Answer: The loan will be repaid over a period of 20 years using a combination of revenue sources, including sales tax, property tax, and utility fees.

Question: What is the current status of the General Revenue Fund?

Answer: The General Revenue Fund is currently in a healthy position, with revenues exceeding expenditures. The fund is used to support essential city services such as police, fire, and public works.

Question: Are there any concerns about the city's financial stability?

Answer: The Finance Department does not anticipate any financial stability concerns. The city has a strong financial track record and is committed to responsible fiscal management.

The Finance Department emphasized that the $40 million loan and General Revenue Summary are part of a comprehensive plan to improve the city's infrastructure and financial well-being.