HASTINGS – The Hastings City Council approved two new trucks for the Streets Department at Monday’s City Council Meeting. They approved two different chassis trucks for the Street Department. One has an asphalt patch body and the other has a snow plow.
The asphalt patch truck will cost $243,207.96 and the snow plow will cost $124,015. Roger Nash, the City’s Director of Finance, explains how the city will pay for the trucks.
This item was budgeted as a $100,000 down payment with two consecutive payments and approximately $75,000 over the next two budget cycles. That will be the way we finance this one. There will be a change when you get down to item D and how we are going to pay for that one. But this one will be $100,000 down payment and then two annual payments.
For item D, the snow plow truck, they will pay off the truck in one lump sum. Daimler Truck Financial does not do financing for less than a two year contract. So the only option was to do a direct loan from a bank, which the city has never approved, according to Nash. So he suggested to pay for it in full and budget accordingly next year. The council also approved the Downtown Revitalization Program Guidelines for 2020.