COLDWATER, MI (WTVB) – Finance Director Tom Eldridge told the Coldwater City Council Monday that with most of the fiscal year 2017 invoices received and a majority of year end adjustments completed, the city has a projected general fund budget deficit of about $278,000.
That’s a significant decrease from the May projected deficit of $911,000.
Eldridge credited department heads with keeping a close eye on the bottom line.
While this year the fund balance has increased, Eldridge wanted to emphasize the city has budgeted a deficit for 2018 of $100,000.
Eldridge feels the city is in solid financial condition right now but there are serious financial concerns looming primarily regarding the funding of the defined benefit liability as well as aging equipment and infrastructure.
