COLDWATER, MI (WTVB) – The 2016-17 fiscal year budget for the City of Coldwater was approved by the City Council during their Monday night meeting.
The initial budget estimates a deficit of $583,000 on projected revenues of close to $9.9 million and expenditures of around $10.5 million.
The deficit is due partially to property tax revenues remaining flat and to planned capital expenditure increases like the replacement of a fire department ladder truck. The city still expects to retain a fund balance reserve of 25% of expenditures.
Meanwhile, Scott Houtz was appointed to fill out the remainder of the term of former Fourth Ward Councilperson Heather Peet who resigned on June 13th after she accepted a job out of town.
The council also finalized the previously-announced sale of city-owned industrial property on Treat Avenue to Schmitz Foam for the construction of the Dutch-based firm’s North American headquarters.The 9.2 acres is being sold for $3,500 an acre.
