Elk City, OK — Fiscal discipline has allowed the City of Elk City to pay off nearly $20 million in outstanding debt since the end of the 2020 fiscal year.
Doing this has saved almost $3 million of interest on that debt.
The City has transitioned to a pay-as-you-go system. This means paying with funds on hand or taking out shorter-term loans instead of 20-to-30-year loans.
Because of this, Elk City has paid off as much debt as allowed as quickly as possible, saving taxpayer dollars.
At the end of the 2020 fiscal year, the City's notes-payable debt totaled $38,932,103. This debt included five notes.
1. Water plant upgrades and improvements (paid off early).
2. A water line from the water plant to the city (no early payoff allowed).
3. Infrastructure for the elementary school (paid off early).
4. Construction and equipment for the elementary school (paid off early).
5. CAPPs funding for turfing softball and baseball fields and building the Arrowhead Center (already saved $2,007,550 in interest).
Elk City paid off early or redeemed $19,727,103 of the 2020 fiscal-year loans by the 2025 fiscal year.
The City's debt at the end of fiscal-year 2025 was $19,205,000, and this remains divided among only two note payments.
These two note payments include one for the water line from the plant to the city from 2009, and the other is for the softball and baseball turfing and Arrowhead Center construction that are funded through CAPPS sales-tax revenue starting in 2019.
Elk City paid off nearly $20 million in outstanding debt in five years and saved almost $3 million of interest by paying off loans early using the pay-as-you-go system—all while operating with a state-mandated balanced annual budget.
Being fiscally disciplined makes this possible.
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