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Apple Valley posts $150,000 annual surplus, $400,000 in savings; mayor outlines staff raises and new equipment
Summary
The mayor said the town created a balanced budget that produces a $150,000 annual surplus, a roughly $400,000 reserve, and interest income. He outlined recent hires, pay increases, equipment purchases and infrastructure spending meant to improve services without raising taxes.
Mayor, Town of Apple Valley, told residents the town has produced a balanced budget with an annual surplus of $150,000 and a savings balance of about $400,000 that is earning roughly 5% interest.
The surplus and interest are already contributing to town revenue: “So we're making $25,000 a year in our budget and interest right now,” the mayor said. He said his goal is to grow the savings account to equal the town's annual budget, which he identified as about $1.5 million.
The mayor credited cuts to wasteful spending and policy changes for the improvement in reserves.…
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