The Ione City Council held a special meeting Tuesday evening to discuss the proposed budget for the upcoming 08/09 fiscal year. The meeting, which was conducted as a workshop, allowed members of the public and council members to review and comment on the document before the public hearing currently scheduled for July 1st. Mark Smith, the City’s Finance Director, was at the meeting to present the proposed budget and to comment on questions or concerns raised during the workshop. The general fund will be seeing a slight decrease of about 1 percent in the coming fiscal year, with revenues coming in at approximately $1.8 million dollars. This seems to be an ongoing trend, with revenues from the general fund seeing a slight annual decline since June of 2006. The city must take into account the long-term debt acquired for two major projects being executed this coming year- the general plan Update and the new Ione fire station. The fire station will require a portion of its funding from bank loans and the rest from internal borrowing. The general plan update funding will be based solely on internal funds. In total, Ione will have a total of $1.6 million borrowed, with 560,000 acquired externally. Special revenues are up roughly 67 percent, however, that increase is based on the allocation of grant funding to the city, and a vast majority of the money coming from this fund is designated or restricted funds. The city also discussed allocating funds to various groups in the community including the Amador Council on Tourism and the Chamber of Commerce. All of these items will be available to discuss and comment on at the July 1st public hearing.
Thursday, 26 June 2008 03:43
Ione Discusses Upcoming 08/09 Budget
The Ione City Council held a special meeting Tuesday evening to discuss the proposed budget for the upcoming 08/09 fiscal year. The meeting, which was conducted as a workshop, allowed members of the public and council members to review and comment on the document before the public hearing currently scheduled for July 1st. Mark Smith, the City’s Finance Director, was at the meeting to present the proposed budget and to comment on questions or concerns raised during the workshop. The general fund will be seeing a slight decrease of about 1 percent in the coming fiscal year, with revenues coming in at approximately $1.8 million dollars. This seems to be an ongoing trend, with revenues from the general fund seeing a slight annual decline since June of 2006. The city must take into account the long-term debt acquired for two major projects being executed this coming year- the general plan Update and the new Ione fire station. The fire station will require a portion of its funding from bank loans and the rest from internal borrowing. The general plan update funding will be based solely on internal funds. In total, Ione will have a total of $1.6 million borrowed, with 560,000 acquired externally. Special revenues are up roughly 67 percent, however, that increase is based on the allocation of grant funding to the city, and a vast majority of the money coming from this fund is designated or restricted funds. The city also discussed allocating funds to various groups in the community including the Amador Council on Tourism and the Chamber of Commerce. All of these items will be available to discuss and comment on at the July 1st public hearing.
