COLDWATER, MI (WTVB) – The Coldwater City Council formally accepted an 85-page audit for the year ending June 30, 2017 that covered the city and the Coldwater B.P.U. on Monday night from Taylor, Plant & Watkins.
Paul Plant from the firm said the city got the best opinion possible. He added revenues were up slightly.
The report states that Coldwater’s adopted budget for this fiscal year reflects the current Michigan economy.
The City’s initial budget projects a deficit of $100,000 for the 2018 fiscal year which will be evaluated by staff and the Council as the year progresses. Even with the projected deficit, the City remains in a financially strong position with an operating fund balance reserve of over 35% of revenues.
There are some concerns about the future as property tax revenue continues to lag behind the increasing cost of labor. In addition, the report stated legislative constraints is limiting the ability to raise property taxes even as home values increase. Concerns also continue to exist over aging infrastructure and the escalating costs to replace and repair underground pipes and roads.
In other business during a routine 18 minute meeting, the Council approved a request from City Manager Keith Baker to have Northern Initiatives administrate the city’s Community Development Block Grant Revolving Loan Fund which helps local businesses when they expand employment.
Northern Initiatives would replace Cinnaire Lending who is withdrawing as the Regional Fund Manager after serving in that capacity for the past four years.
