The city of Green Park was projected to end 2010 with nearly $70,000 more in the bank than it had last year.
But the city’s reserve is projected to drop more than three times that much this year, largely due to the cost of the Green Park Road and bridge reconstruction project.
The Board of Aldermen recently voted to approve the 2011 budget, which projects revenues of $3,839,242 and expenditures of $4,052,089 across the city’s general and capital-improvements funds.
The budget estimates the city will close 2010 with $1,563,270 in revenue and $1,493,369 in expenditures across those two funds.
While the city’s reserve is projected to grow by $69,902 last year, it is expected to drop $212,844 this year.
The city will end 2010 with a total fund balance of $3,331,233, with $2,941,002 in the general fund and $390,231 in the capital-improvements fund.
The budget projects Green Park will end 2011 with a total reserve of $3,118,386, with a general fund balance of $3,029,303 and a capital-improvements fund balance of $89,083.
Under the approved 2011 budget, the city expects to collect $1,024,650 in its general fund and spend $936,349 out of that fund.
The city’s general fund was projected to collect $1,204,670 in revenue and rack up $1,172,069 in expenditures in 2010.
Projected 2011 revenue in the general fund includes $310,000 in sales-tax revenue, $215,000 in electric utility taxes and $105,000 from the road and bridge tax.
The city last year collected $310,000 in sales-tax revenue, $225,000 in electric utility taxes, $139,478 in federal grants and $107,600 in road and bridge tax revenue.
As for 2011 general-fund expenditures, the three most costly are $237,500 for police services, $181,000 for the city’s residential-waste program and $88,619 in administration wages.
In 2010, the three largest expenditures in the general fund were $231,540 for police services, $177,870 for the residential-waste program and $162,706 for specialized engineering services.
For the city’s capital-improvements fund, the city is budgeted in 2011 to collect $2,814,592 in revenues and spend $3,115,740 — a deficit of $301,148.
The capital-improvements fund was projected to end 2010 with a net gain of $37,300. The fund was projected to have received revenues totaling $358,600 while expenditures were $321,300.
This year’s revenue in that fund includes $350,000 from taxes and $2,464,592 from a federal grant to help pay for the Green Park Road project.
While the city last year spent $321,300 on street replacement and repairs, $35,000 is budgeted for 2011. Aldermen in October agreed to postpone planned street replacement for Antrill Drive and Lin Valle Drive until 2012 and fund only crack and seal work this year. The bulk of capital expenses this year comes from the road and bridge project, which is projected to cost $3,080,740.