Politics & Government

City Ends 2010 with $1.2M Surplus

Finance committee recommends surplus be used to cover costs of a court settlment and a recycling grinding machine.

The city ended 2010 with a surplus of more than $1.2 million -- money that aldermen on Tuesday earmarked to buy two homes for a court settlement and a major piece of public works equipment.

The year-end surplus could near $1.4 million, including about $150,000 in savings from the city's mosquito management budget, City Finance Director Robert Scott said.

Scott outlined several options in managing the surplus. He said the city could transfer the money to a variety of city accounts to help pay for future costs for employee retirement, computer replacement, park development and storm water management. 

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Or, the surplus could be used to help reduce the property tax levy, Scott said.  

But the city has two major costs on the horizon -- $650,000 to buy two and about $500,000 to buy a grinding machine used at the city's recycling center, officials said.

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The Finance Committee rejected a staff recommendation to borrow $650,000 for the home purchases and place $1.2 million in the vehicle replacement fund. Scott said the borrowing debt would not be subject to property tax levy limits proposed in the governor's 2011-13 budget.

Committee members instead recommended transferring $650,000 to the city's capital improvement fund to buy the homes and $550,000 to the vehicle fund for the grinder purchase.

The City Council has yet to act on the recommendation.


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