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Copperton council reviews finances, fund balances and federal storm-drain earmark
Summary
Council members were briefed on Copperton’s finances: sales-tax driven operating revenues, roughly $176,000 reserved for capital, about $173,970 unrestricted funds, ~$21,000 in leftover CARES funds, and a pending federal storm-drain earmark that may require local matching funds.
Town staff presented the council with a fiscal overview during the Jan. 21 meeting, highlighting that Copperton’s operating revenue is primarily sales tax and detailing the town’s fund balances.
Council staff said the town’s assigned capital reserve stands at about $176,000 for road and nonroad capital projects, the unrestricted fund balance is approximately $173,969.80, and roughly $21,000 of CARES/COVID funds remain without a spending deadline. Staff also noted that the Public Treasurer’s Investment Fund is earning roughly 4% returns and that year-to-date sales tax receipts are about 4% ahead of projections.
The council discussed a previously announced federal earmark secured through Representative Burgess Owens for storm-drain upgrades — reported in earlier sessions as approximately $3 million — and were told that although the project remains on the list, federal appropriations delays and match requirements mean the local share will need to be planned and come from reserved funds if and when the award finalizes.
Council members moved a consent agenda item to approve an invoice of $2,908 for December attorney services, and a voice vote carried the motion. Staff said more detailed budget workshops would follow at the next meeting and reminded new members that the MSD will provide a quarterly in-depth financial presentation as required by state practice.
