Characterizing the current city budget as “frugal” and projecting no drop in revenue next year, Page Manager Rick Olson said city council will nonetheless have to cut spending to account for higher debt payments in the coming fiscal year.
The city will have to pay $243,000 more next year on its $14 million bond debt.
Further cuts would be necessary to fund long-overdue street repairs and bolster the city’s cash reserve, according to Olson, who presented council with a report on the state of the city’s finances.
The city’s budget is about $20 million.
For the complete article see the 02-20-2013 issue.
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