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Lima finance director: city on track but faces realignment; hiring freeze in effect
Summary
Finance Director Mary Foster told Lima City Council the general fund is on target through August but reserves have drawn down and a hiring freeze and other budget controls are in place to realign city finances.
Mary Foster, Lima’s finance director, told City Council on Oct. 20 that through Aug. 31 the city’s general fund recorded $29.1 million in revenues versus a full-year budget of $41.4 million and $32.6 million in expenditures versus a $50.3 million budget, with $6 million of general fund reserves used so far this year.
Foster said she adjusted the budget to compare eight months of actuals to the full-year budget for a more realistic view and reported revenues were $1.5 million better than the prorated budget while expenditures were $900,000 better. She said $2.5 million in capital spending had been recorded through August.
The midyear review showed income tax remains the largest general-fund revenue source at about 55% of the total. Foster said historical…
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