|ROOFING FUNDED BY SURPLUS|
SURPLUS REVENUES EXPLAINED 1-16-13 LMS
City Finance Director Amy Fealko has written an explanation of how the city comes by way of surplus revenues and why taxes continue to increase when there is a surplus. The report was given to the city’s Finance Team and also made available to the Salmon City Council at its January 16 meeting.
Fealko said that every year the city balances its projected revenues and expected expenditures for the coming fiscal year and from those figures develops a budget. She said, “The city of Salmon has been fortunate that revenues have stayed at or above budget for the past several years. In addition, department heads work hard to stay within their budgets.” She said on occasion there are items for which money was budgeted but for various reasons was not spent. When money already budgeted is not needed, it goes into a fund balance.
Fealko said a fund balance is an important thing to have because the accumulated money can be used in case of an emergency or to fund Capital improvement needs. Fund balance money is not relied upon for general city operations because there is no guarantee it will be there every year. She said that, for example, this past year fund balance monies were used to reroof the police department, the swimming pool building and City Hall as well as to purchase a new software program to replace the city’s 12 year old computer systems program.
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