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City Council Works Hears Financial Status

Posted: Thursday, January 12th, 2012 at 6:28 am
Author: KCII News - Bill Gatchel

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The Washington City Council held a special meeting last night and heard about the financial status of the city.  City Administrator Brent Hinson gave a presentation of the city’s financial outlook.  He talked about the current revenue and expenditures and how to trim down the city’s debt.

He notes one cause of the debt was from infrastructure projects planned in previous fiscal years never completed.  Also present at the meeting was Jenny Blankenship with Professional Financial Management who explained different ways to reduce the city’s debt in the debt service fund.

She says the city would need to raise taxes to pay off some of the debt as one option.  Another option would be to combine monies in Tax Increment Fund accounts.

Blankenship shared other various ideas for the city to consider as they begin the budgeting process. No decision was made last night as the Council will start working on the city’s budget in two weeks.