COLDWATER, MI (WTVB) – A public hearing on the proposed City of Coldwater General Fund budget for the fiscal year ending June 30, 2024 is scheduled to take place during Monday’s City Council meeting.
City Manager Keith Baker says in his memo to the Council that the draft budget shows a projected deficit of $512,000.
He says the General Fund capital spending forecast for the 2024 fiscal year amounts to $1,004,000 which includes $425,000 for the final payment on the pumper firetruck previously approved by Council and ordered in July 2022.
Baker adds they increased the estimate of state revenue sharing to be more in line with what Governor Whitmer is requesting in her 2024 State budget proposal.
In summary, he said, “We have tried to put together a budget that is realistic but still conservatively stated. Our revenue forecasts are based on the latest available projections, but we are aware that some funding sources, notably the reimbursement that we have been receiving for manufacturing personal property tax losses caused by changes in State law could change and, in those cases, we have budgeted conservatively.”
Baker point out they have not included an amount for State distributed marijuana tax revenue with the current expectation that those funds will be set aside and not used for current operations.
Final action by the Council on the budget is scheduled to take place during their June 12th meeting.
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