Light Rain Fog/Mist
43°FLight Rain Fog/MistFull Forecast

Coal City leaders approve budget with $42,000 deficit

Mayor says reserve funds will cover shortfall

Published: Tuesday, April 24, 2012 9:00 a.m. CDT

COAL CITY — Coal City leaders unanimously approved the village budget for the 2012-2013 year at their meeting Monday night.

The board approved a budget totaling about $8.7 million in expenditures, which is about a 20 percent increase from the previous year's budget. The village's total anticipated revenue is also expected to increase — by about 10 percent, to about $7.9 million.

Village Administrator Matt Fritz emphasized that, while there appear to be significant increases within the capital projects part of the budget, the village has money set aside — there is about $2.8 million in the village's Storm Referendum Project Fund — and will receive an additional $1 million in grants to cover project costs.

"We're not increasing liabilities," he told the trustees. "We're only spending money as we have the ability to spend."

Mayor Neal Nelson said the approved budget was the result of much planning and discussion. He noted the initial budget brought to the board had a deficit of $250,000. The approved budget will have a $42,000 deficit, he said, with funds from reserves covering that amount.

The fiscal year runs May 1, 2012, through April 30, 2013.

In other action, the board:

• Unanimously approved an intergovernmental agreement to join the Will Electric Aggregation Group.

• Unanimously approved to enter into an intergovernmental agreement for consolidated dispatch services through Grundy County.

• Tabled approval of an intergovernmental agreement with Diamond over the construction of a business that will straddle village boundary lines.

Get breaking and town-specific news sent to your phone. Sign up for text alerts from the Morris Daily Herald.