EATON — Eaton City Council received a report on the year-to-date budget from the city’s finance director during a meeting on Monday, July 20.
Revenues from the general and public safety budgets for 2015 are reported as being up by $133,000 from 2014 with total current revenue of $2,534,900.
These numbers are expected to continue to grow through income tax, as income tax is the main reason for the increase.
The income tax receipts through June are at $1,438,000, which is up by $142,000 from last year. The budget for income tax in the general and public safety funds $2.3 million and the city is estimated to exceed that budget by $125,000.
Another main source of revenue for the city is property tax, which is placed in the general fund. Property tax is up slightly from last year, with the city receiving $272,000 in property taxes. Those numbers are up $2,700 from last year. The tax is estimated to be over the budget by $20,000.
That number can vary depending on tax appeals that haven’t been determined, however.
The inter-governmental revenue – such as cigarette tax, liquor permits, estate tax, and local government funds – is also a main source for the city.
The city has received $116,000 this year, which is $21,000 more than last year.
In the building department, the city averages $36,000 for the last six years. Year-to-date, the city is currently at $34,176, but that amount is an increase over last year. The building department budget is projected to fall short of revenues by $70,000. However, different projects can still come in to decrease that number.
Overall expenditures for the public safety and general funds have been level and the city has seen an increase of $6,500 from last year. This is a .26 percent increase. The projected actual expenditures for general and public safety are between 400-500,000 dollars less than budgeted expenditures, which for the year are $5.4 million.
The two funds currently have a net income of $66,684 as compared to being down by $60,000 in 2014.
In the debt category, the city has an outstanding debt of $3,865,000 which is being paid from the capital improvement fund, municipal special courts fund, and water fund – the bulk of the payment coming from the water fund.
The TIF fund debt has been paid off. There is $3,865,000 in outstanding debt, being paid from capital improvement fund, municipal special courts fund, and water fund.
In other business, council approved three resolutions on the day.
The first resolution, 15-27, was for the transfer of monies from the general fund to three special revenue funds. The resolution called for $225,000 to be placed in the public safety fund, $16,250 to be placed in the recreation fund, and $18,750 to be placed in the Fort St. Clair fund.
Resolution 15-28 accepted the fuel contract bid from Bob Beoddy Oil Company to supply fuel to the city at a cost of $.10 above cost per gallon for 89 and 87 octane unleaded gasoline; $.12 above cost per gallon for #1 clear diesel supreme, #2 clear diesel supreme; and #1 dyed diesel; and at $.15 above cost per gallon for #2 dyed diesel and kerosene.
The final resolution, 15-29, awarded the bid of $285 per acre to Sink Incorporated for cash lease for the purpose of agricultural crop production on 39-acres of city-owned land.
Eaton City Council meets on the third Monday of each month with the next meeting occurring on Aug. 17 at 328 Maple St. at 7 p.m.