City slashes more than $53 million from its debt load

The city of Wichita has pared $53.8 million from its debt over the past two years, according to a report from the city’s finance department.

In 2011, the city’s outstanding debt was reduced by $25.1 million, due to the refinancing of that debt “to achieve long-term savings,” City Manager Robert Layton said.

The city routinely seeks bond refinancing at lower rates to achieve those types of savings.

Last year, outstanding debt was slashed by $28.7 million, Layton said, largely through the retirement of outstanding airport revenue bonds.