As the City prepares to wrap up its current fiscal year (FY11-12) on April 30, the budget for the next fiscal year (FY12-13) is in the final stages. The City Council will vote on the proposed FY12-13 budget at the April 16 Council meeting.
The City is projecting a $369,000 surplus for the current year, primarily due to successful cost containment efforts. Also, the mild winter meant lower than anticipated costs for snow and ice control, which is expected to save approximately $250,000.
A preliminary look at the proposed FY12-13 budget shows a solid, sustainable financial plan that:
- Includes no new taxes or fees and no tax or fee increases.
- Proposes restoring some programs/services that were suspended during the worst of the economic downturn, such as the popular “Spring Clean-Up” program which allows residents to dispose of unwanted items.
- Completes much-anticipated capital projects including the Red Gate Bridge and East Main Street reconstruction.
The city’s efforts to achieve financial sustainability are paying off. In fact, the city is expected to enjoy surpluses through FY13-14. Unfortunately, the economic downturn has resulted in underperformance of several Tax Increment Financing (TIF) districts, which will require subsidies to repay bonds previously issued. However, the City has set aside funds for this purpose and the General Fund reserve (the city’s “savings account”) still are expected to be 32% of expenditures at the end of the 5-year forecast – well above the city’s target of 25%. Read the budget presentation to the City Council .