Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Mayor and finance director report balanced projections; mayor proposes quarterly tax payments during revaluation
Summary
Finance director reported a projected general‑fund surplus and a fund balance of about 12.5% versus the city’s 8% policy; the mayor proposed allowing four real‑estate tax payments in revaluation years and announced $1.745 million in recommended budget adjustments.
City finance officials told the council their fiscal projections show the general fund tracking toward a surplus and a fund balance currently near 12.5 percent, above the council’s 8 percent policy.
Finance Director Michael Gormani told the finance committee the sewer fund is expected to be balanced as of March and that the Allingtown fire department is projecting a small surplus that has been used to pay down pension liabilities. He said the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
