Thursday, October 30th, 2014

City expects $1.79 million carryover

Celina

By William Kincaid
CELINA - The city is poised to begin next year with a general fund carryover of $1.79 million if finances continue at their current rate, according to a report issued by auditor Betty Strawn.
The carryover is down from the $2.8 million last year. The estimated general fund carryover in recent months has decreased significantly since the city advanced $1.285 million to cover the costs of developing three softball fields at Westview Park and completing the West Bank walkway. The city will be reimbursed through state grants set aside in the state capital budget.
"As soon as they're completed we'll get the reimbursements," mayor Jeff Hazel said this morning.
As of the end of September, the city's general fund had received $5.89 million or 83.5 percent of anticipated revenue for the year and $6.9 million or 89.6 percent of anticipated expenditures had been spent for the year.
The city has collected $293,356 in real estate taxes, 102.8 percent of the amount that had been anticipated for 2014, and has collected $4.08 million in income taxes.
The city's total income tax rate is 1.5 percent, 1 percent which is allocated to the general fund for day-to-day city operations, including the police and fire departments, and 0.5 percent for police and fire capital expenses and operations.
According to Strawn, the 1 percent has collected $2.73 million or 85.8 percent of expected revenue, and the 0.5 percent has collected $1.35 million or 82.7 percent of expected revenue.
City voters are being asked to repeal the 0.5-percent income tax that generates about $1.6 million annually for police and fire expenses and replace it with a tax at the same rate that would also fund street repairs.
Of the $6.9 million spent this year, $1.48 million was transferred to other accounts and $1.28 million was advanced to pay for capital projects that will be reimbursed to the city once completed.
The police pension fund received $74,300 and the fire pension fund received $126,300. Council members this summer also appropriated $461,445 from the general fund to the fire vehicle capital fund, a savings account established in April 2011.
Officials intend next year to purchase a new fire rescue truck estimated to cost $365,000 and to spend $96,445 on the city's annual payment on the fire department's aerial truck, purchased in 2011.
The city made an initial $400,000 downpayment on the aerial truck three years ago and financed the remaining $508,735 over six years at an interest rate of 3.85 percent. The final payment, according Strawn, is due May 1, 2017.
Council members this year also transferred $155,440 from the general fund to the electric fund as part of a repayment plan for the $1.95 million acquisition of the First Financial Bank at 225. N. Main St. in 2013, whichwas converted into the new city administration building.
The city borrowed internally from the electric fund to acquire the building. It will pay itself back over seven years at a fixed annual rate of 0.21 percent, with revenue from the water, wastewater and general fund.
Other general fund transfers made this year were $178,500 to the street maintenance and repair fund; $244,900 for park operations; $106,873 to capital projects and $1,700 to the cemetery fund.
Council members accepted ownership of North Grove Cemetery Dec. 31 after members and operators of the private cemetery association voted to dissolve due to a lack of funds. In such situations, state law gives possession of the property to the municipality in which it lies.
City officials have met to begun establishing the city's 2015 budget. The personnel and finance committee meets again at 7 p.m. Nov. 6 on the second floor of the city administration building.
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