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Middleville council approves FY2025 budget amendments tied to LDFA and investment gains
Summary
Council adopted Resolution 2521 amending the FY2025 budget across general, major street, water, sewer, LDFA and DDA funds, citing transfers from the LDFA and gains in investment pools. The resolution passed on a roll-call vote.
The Middleville Village Council on Aug. 26 approved Resolution 2521 to amend the fiscal-year 2025 budget for the general fund, major streets, water, sewer, the LDFA and the DDA.
A staff presenter told council that most of the adjustments are increases driven by transfers from the Local Development Finance Authority (LDFA) and higher-than-anticipated returns in village investment pools. "Most of these are increases due to transfers from LDFA and increases in our investment pools," the presenter said.
Council moved, seconded and approved the resolution by roll call. The clerk recorded affirmative votes from council members during the roll call.
The approved amendments adjust revenues and expenditures across multiple funds to reflect transfers and updated investment income; staff said adjustments will be reflected in publicly posted budget documents. The council did not identify any new taxes or fee changes in adopting the amendment.
Staff indicated a budget workshop is planned Oct. 2 to review details with council and the public. The Oct. 21 training event and coordination with LDFA members were discussed as scheduling matters to avoid additional meetings.
