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Council adopts second budget amendment for FY 2024–25, narrows projected deficit
Summary
City council adopted the second round of budget amendments for fiscal year 2024–25, reducing the projected general fund deficit from $306,000 to about $60,000 and recognizing new revenues including $757,000 in marijuana-license receipts and increased building-permit income.
The Coldwater City Council approved the second set of budget amendments for fiscal year 2024–25, a “cleanup” package that reduces the general fund’s projected deficit and records several realized revenues and expense adjustments.
Tom, the finance director, presented the amendment and said the package replaces a previously budgeted $306,000 deficit with a smaller $60,000 deficit. New revenues added to the budget include $757,000 the city received for adult-use marijuana licensing fees; those funds will be recorded in the general fund and transferred to a capital projects fund. Building-permit revenue was increased by roughly $75,000 based on higher activity, and the city added other state grants and roughly $30,000 in recreation sponsorships to revenues. Interest income estimates were raised to reflect elevated yields on conservative investments.
On the expenditure side, Tom said the city reduced budgeted full-time wages by about $50,000 because of unfilled positions, adjusted contractual legal costs to cover a local road contractor case, and moved some capital items (including a pickup purchase) to later years. The amendment also increased budgeted cost for a North Willowbrook sidewalk extension (engineering and construction) by roughly $140,000 to reflect the project’s estimated final cost near $225,000.
Councilmember Jim moved adoption of Resolution 25-51 to approve the amendments; the motion carried on a voice vote. Staff noted the city remains hopeful additional state payments (personal-property or other reimbursements) will further reduce the deficit before the fiscal year ends.
