Facing relatively flat revenues and rising expenses, City Councilors passed a preliminary budget for the fiscal year 2014 Monday.
“A higher percentage of the city’s budgeted expenditures are actually being spent, which leaves less carryover into the following fiscal year,” according to City Manager Larry Fry. “Health insurance costs continue to rise significantly, as well as changing the parameters of part-time and temporary employees for benefit purposes.”
All funds showed a reduced level of reserve funds, as allocating the resources was deemed best used as available resources, according to Fry.
“The only fund which requires a minimum level of reserves is the general fund, which requires at least one-twelfth of the city’s annual expenditures.”
The general fund balance will remain at just more than $5.5 million.
The city will maintain some 13 percent in reserves and attempt to increase the reserves mid-year, Fry told councilors.
The estimated budget amount for 2014 is $4.572 million. The estimate of property taxes for the general fund and general obligation bonds Login to read more