The Covington City Council placed it unanimous stamp of approval on the 2016 operating and capital budget Dec. 8 closing the book on 2015.
The operating budget for 2016 is $41,569,914. A few of the fund highlights include $15 million in the general fund, $1.5 in the street fund and $10 million in the surface water management fund.
City staff will receive a 1.6 percent cost of living adjustment.
The projected ending general fund balance on Dec. 31, 2016 is $4.5 million,which is up from the projected fund balance to be transferred over from Dec. 31 to Jan. 1, 2016 of $4.1 million. A jump of about $400,000 on the happy money side.
The expected general fund revenue for 2016 is about $11 million and expenditures came in at $9.6 million.
The street fund starts with a $556,590 balance with revenues projected at $809,295 and expenditures topping at $1.1 million. The estimated balance for the end of 2016 is down to a skinny $408,982.
The surface water management fund balance is projected to be lower by the close of 2016 also. The fund begins with about $8 million and ends with an estimated $7.6 million. Projected revenue comes in at $2.2 million and expenditures at $2.6 million.
The cumulative reserve fund is projected to see a small bump by the end of 2016. The fund balance at the opening bell of 2016 is logged in as $1,420,479 and by the final day of the year the projection is for $1,429,679. The revenue expectation for the fund is $3,200.
A few of the budget news and notes that went into the 2016 budget included the Community Development Department issued more than 400 permit and 141 were building permits. Those numbers will likely jump when the LakePointe development begins construction. The proposed plan for the 212 acres located on the northern border of the city and southeast of state Route 18 includes about 1,500 homes.
The city is planning to add another police officer.
In the coming year Covington hopes to eliminate moving money from the general fund to the street fund. The city will also look to maintain a 20 percent general fund balance and 15 percent balance in all other fund accounts.
