City receives favorable mid-year budget review
CITY COUNCIL MEMBERS (from left) Mayor Jeryl Hoover, Tim Dooley, Kathy Sanford, Scott Jones and Graham Pearson accepted a donation check for $20,000 from Optimist Club of Fredericksburg representatives Russell Immel and Winnie Steinweg. The donation, which was made prior to Monday’s regular city council meeting, was earmarked for improvements to a practice field at Lady Bird Johnson Municipal Park. The field was recently converted into a game-ready t-ball field and rebranded the Optimist T-Ball Field.
By Matt Ward —
A recently completed internal review of the City of Fredericksburg’s 2013-2014 budget shows net gains in the city’s general fund and most enterprise funds, according to a presentation made to the city council Monday evening by city finance director Brad Kott.
This year marks the first time the city has completed a mid-year budget review, which will allow city staff to identify problem areas and recommend corrections if needed; use first six month results to better forecast yearly results; and to recommend any needed budget amendments.
General fund revenues are expected to be above projections by $174,200, with the bulk of the increase ($110,000) coming from sales tax revenues.
Expenditures in the fund are projected to be $80,400 over budget, but the projected added revenue in the fund will result in a net gain of $93,800.
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