COLDWATER, MI (WTVB) -The Coldwater City Council is scheduled to adopt the city’s operational budgets for the 2020 fiscal year Monday night.
The budgets include 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.
City Manager Keith Baker says the initial 2020 fiscal year budget of over $10.1 million has a $271,000 deficit due in part to changes in state law that will result in an expected drop in property tax related revenue.
Despite the deficit, Baker says Coldwater will remain in a financially strong position with an operating fund balance reserve of 38% of expenditures. He says the issue facing the City continues to be how to balance the operating budget with flat revenues and increasing costs.
In 2020 the City is planning on purchasing a backhoe, a sweeper, a used aerial ladder truck, a new tractor and a dump truck for the Municipal Services Department. Public Safety purchases include three patrol cars are part of the normal rotation of police vehicles along with a large-scale fire hose replacement.
