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Finance director: city may run down fund balance to cover Board of Education deficit; residents urge state aid and school investment
Summary
City Finance Director reported strong tax collections and an anticipated $2.5–$3.0 million municipal surplus but said the Board of Education has requested a $7,365,226 appropriation; multiple public speakers urged state support and defended school spending and Edgewood pre‑K programs.
City Finance Director Diane told the joint meeting that current tax collections are running near budgeted levels and that the city currently projects a $2.5 million to $3.0 million surplus for the fiscal year — but cautioned that the Board of Education has requested an appropriation for an estimated $7,365,226 deficit.
“Right now we are projecting we will be about a $2,500,000 to $3,000,000 surplus,” Diane said. She warned that any surplus this year is likely to be used to help cover the Board of Education shortfall, noted the city’s fund balance was roughly 13% (Board of Finance policy: 12–15%), and said each 1% change in the fund balance represents about $2,410,000.…
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