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<br />Use of Reserves <br />The City has lost $700,000 in state-aid in 2003. This will require the use of approximately <br />of reserves in 2003 (net of anticipated operational savings). <br /> <br /> <br />The City has lost $700,000 in state-aid in 2004. Based on the portion of state-aid that was <br />originally planned for, and the current amount of Council-approved budget reductions, the City <br />will be required to use approximately $318,000 in reserves. This does not include the monies <br />needed to fulfill the unfunded liability for the Fire Relief Association. An additional $105,000 or <br />$423,000 total reserves will be used in 2004, if the Council agrees to fund the Fire Relief <br />Association. <br /> <br />Budget Reductions by Function <br />As of 12/5/03, the City Council has approved 0 n budget reductions, of which $181,800 <br />is in the tax-supported funds. The breakdown is show below. <br /> <br />2004 Budget Reductions y Function <br /> <br /> <br />l L $5,400 <br /> <br />$9,000 <br />I ~ I <br />I [2] General Government. Police. Fire [2] Public Works III Parks & Recreation III Other I <br /> <br /> <br />$94,100 <br /> <br />** The $181,800 reduction in the tax-supported funds represents approximately 1.3% of the total <br />budget for all tax-supported programs and services. <br />