Photo by Eric Ayres Wheeling City Manager Robert Herron discusses a proposed budget revision for fiscal year 2026-27 with members of Wheeling City Council on Tuesday night.

WHEELING – A budget revision was approved during Tuesday night’s meeting of Wheeling City Council after city officials were able to pay off an old debt on the WesBanco Arena two years early.

Members of the Finance Committee of Wheeling City Council met prior to Tuesday night’s regular council meeting to discuss the budget revision for 2026-27. The committee subsequently recommended that council approve the revision, which it did when the full council unanimously approved a resolution to revise the next fiscal year’s budget.

City Manager Robert Herron explained that the debt stemmed from improvements at the arena that date back more than two decades ago.

“We are in a position to pay off the general obligation bond for WesBanco Arena that was initially issued in 2003 by a voter approval of 84 percent, which at the time was a record for the state of West Virginia,” Herron said.

The original general obligation, or GO, bond in 2003 provided about $2.4 million to pay for a new roof on the arena, as well as new air conditioning systems, some lobby improvements, club renovations, and improvements to the vomitoriums, or entranceways, into the bowl area of the arena.

“It kind of started the renovation process at WesBanco Arena,” Herron said. “It’s a really good success story, and it started with that GO bond.”

The city later refinanced that debt.

“In 2015, city council – based on the fact that interest rates were in a good position at that time – did calculations on the net present value of a refunding of that debt,” Herron said, explaining that “refunding” in terms of bonds is basically the same as refinancing. “We were able to lower the interest rate there and save some additional funds.”

The bond repayment had been part of the city’s general levy revenue from municipal property taxes, which is 12.5 percent. A GO bond is considered a primary obligation for payment, the city manager explained. Based on investments and assessed valuation increases, the money the city has been paying into this account over the years accumulated enough to pay it off early.

“Through the years between 2015 and now, we’ve been able to accumulate in our account at the Municipal Bond Commission $319,000, which was what was left to be paid on that bond for the next two years,” Herron said, noting that the outstanding debt was paid off on Monday.

Since a portion of that overall levy will not need to be directed to that obligation, the money can be re-appropriated by city council, requiring a budget revision to redirect funds.

For the next fiscal year, it was recommended that about $140,000 be redirected into a contingency line item in the city and another $29,000 go toward the park levy.

“This is good news, and we’re very pleased to be able to do that,” said Herron. “It frees up funds for other uses two years early.”

Councilman Jerry Sklavounakis thanked Herron and Wheeling Finance Director Nathan Greene for keeping the city in a good fiscal position through efforts such as this.

“There are a lot of communities and governmental entities up and down this river that are struggling with finances, and I just want to let you know that we appreciate everything you guys do,” Sklavounakis said. “There are some communities that have problems providing water and providing basic needs. We appreciate that you guys are able not only to figure this out but you are also thinking two or three steps ahead so that we have these types of savings. This is a lot of money.”

Councilman Dave Palmer, chairman of the Finance Committee of Council, noting that paying debt off early is a good reflection on the city as a whole and its ability to borrow money for projects and fulfill its financial obligations.

“We have a history of paying early and constantly looking at ways to save money,” Herron said.

“When you pay something off two years early, there’s a lot to be said for that, particularly in financial situations,” said Mayor Denny Magruder. “That building will be 50 years old next year, and it looks amazing.”

City leaders commended the vision of previous city councils, former Mayors Nick Sparachane and Andy McKenzie and other key players who have taken action to keep WesBanco Arena in excellent shape over the decades. Officials noted that Magruder, the city’s current mayor, also played a big role in that effort during his lengthy tenure as executive director of the Greater Wheeling Sports and Entertainment Authority, which operates WesBanco Arena.

In other action during Tuesday night’s meeting of Wheeling City Council, the mayor expressed condolences to the loved ones of former Congressman David McKinley, who died at the age of 79 late last week.

“He was an amazing citizen, and he has made tremendous contributions to our city over the last many years,” Magruder said. “It’s a sad day for Wheeling. Our condolences to his wife, Mary, and his family.”