COLDWATER, MI (WTVB) – The Coldwater City Council formally adopted the city’s 2023-2024 Fiscal Year budget on Monday night.
The $12.5 million general fund budget has a deficit of about $512,000 as significant capital investments are planned.
City Treasurer and Finance Director Tom Eldridge said on Monday there are no changes following a public hearing on May 22.
Eldridge added the operating and road millage rates will stay the same as they tried to stay conservative in their budgeting.
It was pointed out to the Council that even with the planned deficit, the city will remain in a financially strong position over the short term with an operating fund balance reserve of over 40 percent of expenditures.
The budgets approved on Monday included the City’s general operating funds, special revenue funds, tax increment financing authorities of the Downtown Development and Local Development Funds and budgets for the Coldwater Board of Public Utilities.
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