Lebanon City Council held the first of four work sessions to discuss the mayor’s proposed budget for the 2014-2015 fiscal year.
“I believe you will find this budget more comprehensive an nature, as it addresses a number of needs and changes you and I have been discussing for years,” said Mayor Philip Craighead to councilors. “While this budget does not solve every issue in one fiscal year, it is a very good start.”
Thursday’s work session focused entirely on the city’s public works, including the gas, water, sewer, streets and more.
“This is a balanced budget,” said Jeff Baines, public works commissioner.
Although the items in the general fund budget tally to a roughly $608,000 deficit, the budget also proposes allocating funds from the city’s reserve to pay for specific projects included in the budget.
By transferring $50,000 for the Don Fox project, $500,000 for street paving, $100,000 for Cedar Trail, $104,093 for a 1 percent pay scale adjustment and $108,703 for a 1 percent performance award, the city’s overall budget would tally to a surplus of more than $254,439.
According to City Finance Director Robert Springer, the city’s reserve fund holds more than $9 million.