City ends 2010 with $5,500 surplus
March 4, 2011
Heading into 2010, the city was facing a deficit of nearly $500,000 in its operating budget.
After extensive cuts, that was eliminated and changed to a surplus of almost $53,000. For the remainder of the year, the budget teetered between small surpluses and deficits, but the year ended with a $5,500 surplus.
Almost all city funds collected more money than was budgeted. Development revenue was $182,000 more than what the city budgeted, and this helped offset the shortfalls in retail sales tax and state-shared criminal justice sales tax collections.
At the end of the year, retail sales tax collection was $160,000 below budget, and the state-shared criminal justice sales tax was almost $57,000 below budget.
Newcastle City Council budget cuts top $1 million
February 4, 2010
The City Council cut $1.02 million from the 2010 budget during meetings last month. Of that amount, about $820,000 was cut from the 2010 capital budget, and about $206,000 was cut from the operating budget.
Before altering the budget, the city was facing a $363,000 budget shortfall. Councilman Bill Erxleben said the City Council is not yet finished working on the budget. Read more
City Council approves 2010 budget
December 3, 2009
NEW — 1:20 p.m. Dec. 3, 2009
The City Council approved the 2010 budget with a 4-2 vote Dec. 1.
In the budget, Director of Finance Christine Olson forecasts $6.21 million in general fund operating expenses and $5.85 million in general fund revenue. To account for this difference, the city will draw about $364,000 from its ending fund balance, bringing the ending fund balance to about $1.5 million.
Councilman Sonny Putter, Councilwoman Lisa Jensen, Deputy Mayor Daniel Hubbell and Mayor Ben Varon voted in favor of the budget, while Councilman Steve Buri and Councilwoman Carol Simpson voted against it. Councilwoman Jean Garber was sick and missed the vote.
The city also has $1.5 million in its cumulative reserve fund that may be used with unanimous City Council approval. The City Council has not discussed using these funds.
First public hearing on budget is Tuesday
October 5, 2009
NEW — 2:27 p.m. Oct. 5, 2009
The first public hearing regarding to the 2010 public budget will take place at 8 p.m. Tuesday during the City Council’s regular meeting.
The hearing will be preceded by a study-session at 6 p.m. addressing the budget.
Public hearings concerning the budget will also take place Nov. 3 and Nov. 17.
City officials said the City Council may reschedule the Nov. 3 date, because Nov. 3 is election night.
