Finance Director Walker Gallman said Wednesday revenue exceeded projections by $264,386 while expenditures were $457,552 less than budgeted leaving a balance of $380,018. Gallman said the city transferred $130,000 of that to its Solid Waste Fund and $157,613 to its Economic Development Fund. This resulted in the city increasing its total fund balance by $92,405 to $3,418,580.
Gallman attributed this to the city’s practice of being conservative in its revenue projections and keeping a tight rein on expenditures.
One factor was the city did not have to spend $140,000 it budgeted for the possible renovation of the old Coca-Cola building. The structure is currently being demolished.
Also, the city did not have to spend some other budgeted funds.
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