|Big budget increase approved for Terrytown|
|September 11, 2014 Jerry Purvis|
By Jerry Purvis
Members of the Terrytown City Council approved its 2015 fiscal year budget, which includes a big increase to pay for several project to upgrade the city’s water system.
“We have a big budget this year because of all the water projects we’re going to be doing,” said Mayor Kent Greenwalt. “The city is still in pretty good shape financially.”
Total budgeted expenditures for the upcoming fiscal year are $8,671,884. That’s a $3,795,675 increase from last year.
City Treasurer Lonnie Miller told council members the budget increase was to help pay for new water mains, the water meter project, a new, larger water tower and the cost of purchasing water from Gering’s water system. The contract is to replace water the Terrytown well that had to be capped because of higher arsenic levels than allowed by the state.
The new property tax levy for Terrytown is .465747, a one-penny decrease from last year. That sets the tax asking at $105,000. Miller said the levy decreased because the assessed property valuation was higher this year.
Council members approved a routine potential expenditure by increasing their restricted funds authority by one percent. They also transferred $25,000 from the general fund to the street fund to cover any matching costs when applying for state funding.
Other transfers included $80,000 from the electric fund and $40,000 from the water fund, both going into the general fund. Interest from the city’s CD investments also goes into the general fund.
Miller also pointed out that after expenses and taxes, as of the end of July 2014, the city’s keno fund had a balance of about $28,000.