Council establishes street fund
Thursday, November 11, 2010
Council members voted to set aside money for street repair in a separate fund, at a special meeting on Oct. 19. In July the council voted to cap the contingency fund at $300,000 and start saving for a street repair fund. Several years ago the city was using contingency funds to help pay the bills, but because of the council’s adjustments the contingency fund is doing very well, according to Mayor Bill Montgomery. The city is able to put about $5,000 per month into the contingency fund, he said. City Attorney Tom Smith told the council at the July meeting that he usually recommends a city keep 20 to 25 percent of its annual budget in contingency, which the city had already exceeded.
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News, Pages 2 on 11/10/2010