Brighton to End 16-17 Fiscal Year with Healthy Fund Balance
June 16, 2017
The Brighton City Council at its meeting Thursday night approved an amended budget for 2016-17 that provides a balanced budget for the end of the fiscal year on June 30.
City Finance Director Gretchen Gomolka told council that some city departments were over their individual budgets, while other departments were under theirs. Gomolka says that’s understandable because things happen that are sometimes unplanned, such as a piece of equipment in the Department of Public Works breaking down and needing replacement. Gomolka says that another need for amending the budget was that the Downtown Development Authority is committed to paying the city’s $300,000 local match on the Grand River project, but the money won’t be reimbursed to the city until the 17-18 fiscal year.
As a result, the city will be required to pay the $300,000 out of the general fund. But she tells WHMI that the city will nonetheless retain a healthy fund balance. Gomolka says the $300,000 adjustment will reduce the city’s general fund balance from about $1.5 million to about $1.2 million at the end of the current fiscal year. The federal government is paying for the bulk of the $1.2 million Grand River project, which is almost complete. (TT)