COLDWATER, MI (WTVB) – Coldwater City Manager Jeff Budd told the Coldwater City Council Monday that revised budget numbers from Fiscal Year 2015 show a bigger general fund surplus than originally forecast.
He said the actual surplus was $806,000 after an ultra conservative estimate of a $82,500 surplus.
He pointed to additional revenues of over $147,000 and nearly $576,000 in significant expenditure savings as the reasons behind the $806,000.
But Budd warned the City has budgeted a deficit for 2017 of over $583,000.
Even with this large projected deficit, Budd said the city is still projecting a healthy fund balance of $3.1 million.
Budd pointed out the City is in a good financial condition, but there are serious financial concerns looming, primarily regarding the funding of the defined benefit liability, aging equipment and aging infrastructure.
Budd also announced that the Heritage Park Tennis Courts will be ready for the public to play on Tuesday afternoon. A dedication ceremony will take place at a later time.
