COLDWATER, MI (WTVB) – The Coldwater City Council approved proposed budget amendments to the City’s General Fund for the fiscal year ending June 30 on Monday night that will leave a surplus of over $46,000.
There were several factors why the city will be in the black at the end of the fiscal year.
Finance Director Tom Eldridge said the city received a distribution of over $338,000 from the State of Michigan thanks to the six adult use marijuana facilities that were open in Coldwater on September 30, 2021.
In addition, building permit revenue will be above the previously forecast amount thanks to significant permit fees paid in March for the apartment complex under construction on North Willowbrook Road.
He added the State has now incorporated the 2020 census count into their revenue sharing calculations.
He warned a lot of the money they’ve received was unexpected.
Meanwhile, the Council set a public hearing for the city’s proposed 2022-23 fiscal year budget for their next meeting on May 23. Adoption is scheduled to take place on June 13.
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