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City forms budget subcommittee; utilities present quarterly financials and cash targets
Summary
City council and staff formed a budget subcommittee to educate new council members; Hastings Utilities presented quarter 1 financial and operating reports, noting seasonal trends, capital spending and a target six‑month cash reserve around 50% of operating revenue.
City council and Hastings Utilities leaders told the Utility Board on March 13 that a new budget subcommittee will meet over the coming months to educate recently elected council members on budget processes, and utility staff presented first-quarter financial results across electric, gas, water and sewer operations.
“Four council members, one from each ward… and the mayor” form the subcommittee, said Mark Funke (council member). The group’s stated plan is to hold about 10 or more meetings to review departmental budgets and improve transparency ahead of the next budget cycle.
Derek (staff member)…
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