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Mayor reports likely fiscal-year surplus and forms ad hoc committee to consider capital uses
Summary
Mayor Doug Barnsley told the Prospect City Council the city expects to conclude fiscal year 2024–25 with an approximate $500,000 surplus and has asked an ad hoc committee of three council members to study whether some of the funds should be set aside for capital projects.
Mayor Doug Barnsley reported to the Prospect City Council that the city expects to end the 2024–25 fiscal year with an approximate $500,000 surplus and that the city maintains multi-million-dollar cash reserves.
In his report the mayor said the city recorded revenues above budget — including an unbudgeted increase in insurance-premium tax receipts that could add roughly $200,000 — and spending undershots in categories such as police, legal, street maintenance and solid waste. He said the city at times held at least $3.1 million in cash on hand; a later finance report presented at the same meeting referenced roughly $3.5 million in…
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