OCEAN CITY – With budget time approaching, a few unexpected suggestions were made this week that could save Ocean City money.
Finance Administrator Martha Bennett said she has received news that Ocean City is at the point to where it is favorable to refund 2005 bonds. If the town were to refund just the callable bonds, it would save $846,000 in interest or if all bonds are refunded $878,000 could be saved.
Bennett furthered that as the town moves forward in projects such as the Boardwalk renovation, the new Art League building and comfort station it would be a good opportunity to combine bonds.
“This is a good time to do these bonds,” she said. “I think we can get a very favorable rate on the Boardwalk and the other bond projects that you have already started.”
The Mayor and City Council voted unanimously to allow Bennett to move forward in refunding and combining bond issuance.
In other news, Acting City Manager/Mayor Rick Meehan announced a time sensitive matter regarding the recycling of cardboard.
“During budget discussions with Public Works and Solid Waste Division, we were talking about an issue with regard to cardboard and how we can possibly recycle that in looking for ways to generate revenue or reduce costs,” he said.
A suggestion was made that a Request For Proposal (RFP) for the collection processing and marketing of cardboard from Ocean City’s commercial sector be sent out.
“In other words, we are sending out a RFP for a private industry to come in and recycle and collect our cardboard that we already collect,” Meehan said.
The RFP will be a non-binding and the Mayor and Council will have the option to accept the proposal or reject any or all proposals. Cardboard would be collected from existing cardboard containers.
“This is done in other areas and there is a way to make this profitable for private enterprise and we think it could save somewhere between $80,000 to $120,000 a year,” Meehan said.
The Mayor and City Council voted unanimously to proceed with a RFP for a private enterprise to bid on to collecting Ocean City’s cardboard.