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Revised interest estimate and other adjustments create roughly $300,000 surplus; council discusses using funds for sidewalks
Summary
A new interest-rate calculation added roughly $165,000 in projected revenue and produced about a $300,000 general-fund surplus; council weighed restoring reserves versus using the money for pedestrian improvements tied to a June grant deadline.
City finance staff reported a revised method for projecting interest revenue and several budget corrections that together increased projected interest income by roughly $165,000 and produced an estimated general-fund surplus of about $300,000 in the tentative budget.
David (staff member) explained that the city reworked its interest projection to apply an estimated 3.5% return on average fund balances; the adjustment raised expected interest receipts citywide and allowed the budget to program additional…
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