COLDWATER, MI (WTVB) – The Coldwater City Council will be asked on Monday night to approve proposed budget amendments to the City’s General Fund for the fiscal year ending June 30 which will remove the budgeted deficit of $524,000 and replace it with a budgeted surplus of $5,000.
City Manager Keith Baker says the City of Coldwater received a $650,000 distribution from the State of Michigan related to the eleven adult use marijuana facilities that were open in Coldwater on September 30, 2023. The City Council has directed those funds be transferred to the City’s Capital Projects Fund.
Baker adds building permit revenue continues to run high and will be above the previously forecasted amount. In addition, the State through its Local Community Stabilization Authority is distributing the excess of budgeted funds related to personal property tax replacement funding.
The City has received $72,000 from the Michigan State Police Department to send three police officer candidates to the State’s police training academy so they could become certified officers.
Baker adds recreation programming has continued to increase, and activities are back to pre-pandemic levels and with short term interest rates remaining elevated, the city is again increasing their estimated earnings for the current year.
According to Baker, the proposed amendments increase revenues by $1,412,000, transfers to other funds by $718,000, and expenditures by $165,000.
He says in a memo to the Council for Monday’s meeting, “We continue to budget expenditures conservatively and are optimistic that final operational results will be positive to the proposed amended budget.”
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