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Madeira Beach takes steps to deal with revenue shortfall
Downward trend expected in 2009
By WAYNE AYERS
Article published on Tuesday, April 15, 2008 |
MADEIRA BEACH – Fattening city coffers fed year after year by rising property values may soon be a memory.
Madeira Beach commissioners were warned by finance director Monica Mitchell at the April 8 regular meeting that state analysts are foreseeing a downward trend in city income for the upcoming fiscal year.
“A lot of revenues are not going to pan out the way we expected them to,” Mitchell told the commission.
As a result of the forecast, Mitchell requested she be allowed to shift about $30,000 from the city’s reserve funds to the general operating fund. Mitchell stressed that the move was mostly precautionary to meet anticipated revenue needs.
“(The shortfall) is not huge percentage wise,” she said. “There are some of our major revenue sources that are not going to bring in the money we thought they were, and this trend will continue into next year.”
Commissioner Sarah Nichols explained that money is being taken out of reserves to make up for money the city is not bringing in.
Mitchell told the commissioners that tough economic times should shape the city’s financial planning.
“The numbers are getting lower than we thought,” Mitchell said. “Keep that in mind and keep this downward trend in mind when you do the coming year’s budget.”
Mayor Pat Shontz also expressed concerns about the city’s financial uncertainties.
“It will be interesting to see just where we land (with our finances),” she said.
The budget adjustment was approved in a 4-1 vote, Commissioner Nancy Oakley voting no. Oakley said in a later comment that she was unclear at the time about the steps Mitchell was taking, and she had further reservations about the budget strategy. She intends to bring up her concerns at a future meeting.
John’s Pass Bridge work behind schedule
Reconstruction of the John’s Pass Bridge, scheduled to be completed in 2010, is running “a little behind,” interim city manager Michael Maxemow said.
Reopening of the southbound lanes has been pushed back to Aug. 30, he said. That phase of the project originally had an April 1 completion date.
Maxemow could give no date for final completion of the project.
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Article published on Tuesday, April 15, 2008
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