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City manager outlines midyear budget amendment, proposes $3.6M placement and one-time purchases for Gun Barrel City
Summary
City Manager Dr. Smith presented the FY2026 midyear budget review on March 17, reporting healthy reserves and proposing short-term investment moves (about $3.6 million into Hilltop/Techstar) plus a list of one-time spending requests including a $25,000 chamber sound upgrade, $30,000 for property cleanups, a $50,000 admin fire vehicle, and mandated police equipment required by House Bill 33.
At a March 17 special meeting, Gun Barrel City’s City Manager Dr. Smith presented the fiscal-year 2026 midyear budget review and a set of recommended one-time purchases.
Financial snapshot: staff presented January 2026 bank balances and reserves, reporting a required 90‑day reserve of $1,400,128, a general fund balance of $431,411.71 available without dipping into the 90‑day reserve, and $376,374.01 carried forward from FY2025. Dr. Smith said the capital improvement fund totaled $935,212, with $719,237 available above the required reserve.
Investment recommendation: Dr. Smith described a plan to temporarily invest portions of the…
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