“We try to protect our fund balance, new and old,” City Manager Paul Sabiston said during a budget work session today. “We have to put the theater reserve to the theater.”
Sabiston said the city could do this and still have a healthy fund balance and be in good shape financially.
Even using $100,000 to $200,000 from the fund balance would leave the city in good shape.
The budget process now goes back to department heads. “We asked them to cut 2 percent out of (operating). Capital was hit hard,” Sabiston said.
Finance Director MeLinda Hite said the city could have a $15 million budget and be above the 8 percent fund balance threshold required by the Local Government Commission.
The city will have $2.6 million in its fund balance by the end of the fiscal year. To maintain the required percentage the city would have to have a $1.4 million fund balance, Hite said.
Mayor Emery Doughtie said if the city ends up with the theater any revenue from shows would be a positive. It will cost the city between $5,000 to $6,000 to maintain the theater without shows and about $8,000 when there are shows, Sabiston said following the budget session.
The next budget work session is scheduled in two weeks.
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