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Fayette City Council

City council passes 2020-2021 budget at special meeting

Justin Addison Editor/Publisher
Posted 7/7/20

The Fayette Board of Aldermen gave unanimous approval in the adoption of the city’s fiscal year budget Tuesday evening, June 30. The new fiscal year 2020-21 began the following day, July 1. The …

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Fayette City Council

City council passes 2020-2021 budget at special meeting

Posted

The Fayette Board of Aldermen gave unanimous approval in the adoption of the city’s fiscal year budget Tuesday evening, June 30. The new fiscal year 2020-21 began the following day, July 1. The nearly $5.5 million budget shows the city operating in the black, with revenues exceeding expenses.

Interim city administrator Jeff Hancock explained two small changes to the budget, which was presented for public scrutiny on June 16. The first is an increase from $27,500 to $96,500 from the Electric Fund to the General Fund. “Our (free) cash in the general fund is not very good. This will help shore that up,” Hancock said.

The other revision came in the form of the announcement that the city expects a gift of $175,000 from the Lucile Thurman Revocable Trust. The majority of the gift, $150,000, is to go toward the proposed Splash Park. The gift now puts the splash park’s pledges at more than $250,000. The remaining $25,000 from the gift will pay for a park bench and other improvements to the park.

Thurman was a well known Howard County resident and businesswoman. She passed away June 4, less than seven weeks before her 101st birthday.

Hancock suggested to the council to reduce the amount of sinking funds the city uses in its budget. The city has six different sinking funds that earmarks revenues. The elimination of some or all could allow the city more freedom within its budget. One change he suggested is to begin a lease program for city vehicles, such as dump trucks and police cars . It would not only raise the values of the city’s equipment, but it would free up cash for the general fund, he said.

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