Thursday, September 27, 2012
Fulton’s city budget was the main topic of discussion at Oct. 25’s city council meeting. Mayor LeRoy Benton said the 2013 budget was in for a “tight year.”
“We discussed how we need to balance the budget,” said Benton. “As much as our utility fund expects drastic increase, we need to cut back on the general fund.”
For the general fund, the city anticipates revenues of $8,786,986, and expenditures of $8,775,956.
The general fund, supported by sales and property tax, is the fund by which most city functions are financed. Benton said the city hopes to achieve balance by way of about $800,000 in cuts to areas such as city employee differed compensation benefits and part-time summer help.
In Fulton’s case, 3 to 5 percent of a city employee’s earnings based on seniority are withheld and matched by the city for retirement and other deferred compensation benefits. The original budget plan actually aimed to do away with that service altogether, but the council — “rightfully so,” in Benton’s terms — opted instead to cut back on the employee benefit without eliminating it outright.