Glasgow Daily Times, Glasgow, KY

Local News

June 11, 2013

Fund reserves shrinking each year

GLASGOW —

An ordinance enacting next fiscal year’s proposed spending plan for the city of Glasgow only narrowly passed first reading Monday, after much discussion over whether budgeted expenditures should be further cut.

Nearly every council member present – and one who wasn’t – voiced their opinions at least once on whether the budget prepared by administrative staff members, including the mayor, should go forward with an amount of $1.2 million more in expenses than revenue in the general fund. The difference would be made up by what is left in the fund at the end of this year – June 30. That leftover amount is called the fund balance and had built up to around $5 million a few years ago, according to Councilman Jim Marion’s comments Monday night. It was just more than $4 million when the 2011-12 fiscal year ended; it’s expected to be approximately $1.81 million at the end of 2012-13; and it would be $607,219 at the end of June in 2014 if the budget goes as expected.

Read more of this story in the print or digital Glasgow Daily Times. http://glasgowdailytimes.cnhi.newsmemory.com/

 

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