By CARA LORELLO
Staff Reporter
Medical Lake finances appeared to be in good shape according to the 2007 third quarter financial report from the Finance Department to the City Council on Oct. 16, which approved several budgetary amendments allocating additional net cash and investments from the beginning of the year's current expense fund to cover new costs acquired from projects not originally budgeted for this year.
Additional funds are included in the budget for this purpose every year since unplanned expenditures, finance director Pam McBroom said, come up during the year and all the city can do is estimate how much is needed.
“Each year we budget for an ending cash balance to have at the end of every year. We generally anticipate to start the next year off with these funds, but until we get to the end of the year, we don't know how close we'll be to spending that amount,” McBroom said.
“What gets spent goes toward things the city really needs,” she added.
Having that financial cushion came in handy this year for the street fund, which had several improvement projects come through that required grant matches from the city.
The city started the year off with over $200,000 in current expense, from which council members approved a $40,000 transfer to the street fund to meet grant match requirements, which included two transportation improvement and one Spokane Transit Authority grant totaling $222,075 for projects to Lefevre, Hallett and Legg streets.
Another $25,000 was used to pay for the work done to and removal fees for a lake aerator that couldn't be repaired.
Other added costs totaled $23,000, which included construction on new street lighting and a railroad crosswalk added to SR-902 that additional net funds also helped offset.
The city's water/sewer and wastewater treatment funds council also approved transfers from beginning net cash funds to offset expenditures for both capital and professional service items, including fees needed for the city update its current water plan.
These items including $15,000 for the water update, $60,000 for new radio reads for city water meters and new hand-held meter readers, and $24,000 in professional service fee overages at the wastewater treatment plant. Due to increases in sludge removal, the city paid out nearly 2,000 more in tons of removed sludge this year than last year.
About $9,000 in sales from recyclables saw an increase this year, which put some extra money into the city's garbage fund, which, McBroom said, tends to run tight year to year.
More money was paid out this year in pick-up service fees to city garbage contractors due to increases in the volume.
Recyclable sales plus another $14,500 from beginning funds helped offset the $23,500 in increased service fees.
Cara Lorello can be reached at [email protected]
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