Since the operating budget was passed, several changes are in effect in the proposed capital budget.
During Monday’s budget committee meeting, Brian Acker, director of financial services, presented an update on the proposed 2013-2017 capital budget. Budget committee heard the update as well as an overview of several of the city department’s budget requests at Monday’s meeting.
“There’s a number of items that have changed since we originally submitted the capital budget to council on Feb. 25,” said Acker. “The general reserve of the capital budget — and that’s the one that’s been impacted by all of these decisions — the balances at the end of the years changed significantly.”
As the budget currently stands, the balance at the end of the general capital reserve at the end of 2013 is approximately $2.60 million surplus and $358,454 in 2014. In 2015 the balance in the reserve is $1.82 million, $3.67 million in 2016 and $5.83 million in 2017.
Since the infrastructure deficit reserve initiative didn’t proceed, he said the capital project with an annual $300,000 contribution to that reserve is eliminated.
For more information, see Tuesday's edition of the Times-Herald.