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Bermudian Springs board leans toward presenting preliminary budget at Act 1 index amid member concerns
Summary
After Justin presented updated revenue and expenditure estimates, board members debated showing the preliminary budget at the Act 1 index (5.4%) versus a lower option; the majority signaled support to present at the Act 1 ceiling with the option to reduce before final adoption in June.
Justin presented updated financial estimates and multi-year fund-balance projections under several millage scenarios, saying current-year estimates show revenue exceeding expenditures by $55,709 and that a retirement-reimbursement increase of $259,979 improves the district’s near-term outlook.
"The current year estimates show revenue exceeding expenditures by that amount there of $55,709," Justin said during his presentation of the fund-balance analysis, which included modeled impacts for the Act 1 index (5.4%), 3.6%, 1.8% and 0% options.
Board members then…
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