For the first time in memory, the City of Fairfield is actively participating in the Freestone county fair this week, with a float in Monday's parade and a booth at the home economics project show.

Details about the fair and the city's involvement were discussed at last week's regular meeting of city council members.

"This is a new era for us," mayor Roy Hill said.

Economic development coordinator Liz Thornton said the city is hoping for input from the community, and will have surveys at the booth. "Also, city officials will ride on the float, which recognizes their contributions."

Costs for the booth and float are paid out of hotel/motel taxes.

RBC Capital Markets was named as financial advisor for the city, a technicality that allows RBC to negotiate interest rates on bonds for the city. RBC representatives told council members they estimate a savings of about $10,000 per year.

City leaders asked the company to come up with a firm proposal for refinancing the bonds and present it to the city next month.

An audit of the city's finances as of September of last year was approved after a presentation by independent auditor Frank Campos of Palestine.

Campos gave city leaders a 40-page report, and in a brief verbal overview, said the city's finances were "clean, except for fixed assets."

Campos said current records for fixed assets are good, but that records for old fixed assets are nonexistent. He says he is working with city employees to record all actual assets.

As far as an overall look, the city had a good year.

"If you looked at this like a business," the auditor said, "the city's profit last year was $631,000, and bond rating at Moody's has also improved."

Negatives, Campos said, include too small a staff for the size of the city, problems with sanitation billing, incorrect year-end adjustments, and budget amendments that should be made when certain departments are over budget.

Mayor Hill bristled and said he was not aware of any departments being over-budget. When Campos confirmed his findings, Hill apologized, then told city administrator Jeff Looney, "I am very upset about this. These departments were over budget and no one told us? I don't ever want the city to go over budget again without someone telling this council."

Two committees were appointed by the mayor last week, one to focus on economic development, which will include Donna Tyus and Kenneth Hughes, and one to work on development of a community center/entertainment venue, with Leldon Childs and Joe Lee Kirgan serving. Mayor Hill, mayor protem Luke Ward, city administrator Looney and Mrs. Thornton will participate on both committees. Meetings will be posted. The council is also working on an incentives policy for economic development.

A plat for new parking facilities at Love's Travel Stop was tentatively approved last week. Hold up for approval has been the size and location of a detention basis for water runoff. Engineers added a large dry basin to the specifications to win approval, but council members said they won't officially sign off on the project until Love's representatives promise, in writing, to repair any damages to homeowners in the area that water retention might cause. Engineers will go back to Love's to obtain the guarantee before the plat will finally be approved.