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Laurium council approves amended FY22-23 budget and proposes FY23-24 budget
Summary
The Village of Laurium unanimously approved an amended FY22-23 budget and a proposed FY23-24 budget after a presentation by Ian Lewis that flagged a small unexpected surplus, cost pressures from inflation and police staffing, and options to shift certain funds and fees.
The Village of Laurium council unanimously approved an amended FY22-23 budget and the proposed FY23-24 budget following a presentation by Ian Lewis. A motion by Jessica Hrebec to approve the FY22-23 amended budget and the FY23-24 proposed budget was seconded by Galbraith and carried, 5-0.
Lewis told the council he had "factored in inflation, wage increases, and police increases" and identified "that there will be a small surplus for FY 22-23, which was not what was originally expected." He also recommended keeping cable franchise fees in the general fund rather than moving them to the multi-rec fund and said he increased the Major Streets allocation slightly to support needed projects. The presentation included an approximate cash balance of $208,000 in the water fund and a review of snow-removal estimates with the village auditor to make FY23-24 projections more accurate.
The council's approval completed the formal step to adopt the amended and proposed budgets; Lewis said the village would consult the auditor before moving ARPA funds or otherwise reallocating certain monies. The vote was recorded as unanimous in favor, with Carlson present after arriving at 7:00 PM.
