In a recent government meeting, officials discussed the city's budget for the upcoming fiscal year, revealing a projected deficit despite significant expense cuts totaling approximately $6 million. The budget presentation highlighted discrepancies in revenue projections, which were overestimated, leading to a shortfall.

The budget workbook provided to council members included a detailed breakdown of departmental requests versus the cuts implemented by the budget office. The expected total revenues for the upcoming year are estimated at around $66.75 million, while expenses are projected to exceed $67.23 million, indicating a continued reliance on cash reserves to balance the budget.

Key funding sources were addressed, including the Riverboat Fund, which is anticipated to generate about $8.1 million, a notable decline from previous years when revenues exceeded $10 million. The Boyd Gaming Fund has also seen a drastic reduction, with actual revenues dropping to $50,000 annually compared to a budgeted expectation of $450,000.

Concerns were raised regarding negative balances in certain funds, such as the refuse fund, which is projected to show a deficit of $396,483 based on anticipated revenues. However, officials clarified that these figures do not indicate a true negative balance, as the fund maintains a cash reserve of approximately $1.6 million.

Additionally, the meeting addressed the use of funds from various reserves, including a request for a one-time bonus for employees from the rainy day fund, which is projected to hold about $1.8 million. The council was urged to consider these financial dynamics carefully as they review the budget, emphasizing the importance of maintaining fiscal responsibility to avoid potential flags for negative fund balances.

The discussion underscored the challenges facing the city in managing its budget amid fluctuating revenues and the need for strategic financial planning moving forward.