The Grayville City Council approved a tentative budget that would leave the city with a slightly above $50,000 surplus during a special meeting on Monday, March 16.
According to the budget approved by the council, the city would end Fiscal Year 2021 $53,365 in the black. The budget hinges on revenue generated from its utilities services, as they are projected to bring in $2,353,335 against $2,225,070 in expenses.
The largest projected gains are expected to be made in the city’s water fund, with $109,658 in net growth predicted. That weighs $1,132,800 in projected revenue against $1,023,142 in anticipated expenditures. It should be noted, however, that $100,000 in expected capital expenses knocks the fund’s surplus down to $9,658.
The gas fund is also likely to see significant gains, as its $844,100 in projected revenue would surpass the $786,844 in expected expenses for a surplus of $57,256.
The city’s general fund is expected to have a health year as well, thanks to $100,000 in gains in capital expenses toward its street fund. Those additional funds would flip a loss of $71,590 to a gain of $28,410.
The general fund is projected to receive $1,012,985, but pay out $1,084,575 in expenditures in addition to the $100,000 capital expense gainer.
The cemetery fund is the largest spending culprit within the general fund, as expenditures for the fund are expected to reach $105,521, with projected revenue climbing to only $49,400, a loss of $56,121. The parks and library funds are also planned to operate at losses of $38,143 and $33,782, respectively
The park fund pits $33,900 in revenue against expenditures of $72,045, while the library fund pairs $69,510 in revenue with $103,292 in expenses.
The tentative budget will be on a display for 30 days from the date of its passing, with a public hearing on the document slated for April 27 at 6:45 p.m., just prior to the council’s second April regular session. The council would be legally able to pass the budget at that regular session, should it appear on the meeting’s agenda.
In other action, the council:
*approved a pair of five-year, three percent interest revolving loans of $15,000 to local businesses Downs Pizza and Mandy’s Restaurant.
*approved a TIF 2 request from Mandy’s Restaurant for up to $25,000, with the grant being allowed to cover up to 50 percent of eligible costs.
*elected to borrow against one of the city’s certificates of deposit, rather than cashing one out, in order to cover costs associated with the emergency gas line relocations project, which is estimated to come with a price tag of up to $200,000.