Peter Woldman, representing Gabridge & Co. of Grand Rapids, told the council the city is well above its police of having an unrestricted fund balance of more than 20 percent of its 2013-14 budget. The city has $823,280 in its rainy day fund, which is about 37 percent of the budget.
The auditing firm recommends at 16.67% and the city’s policy is at at least 20 percent.
The total fund balance, which includes restricted earmarked money, is at about $1.4 million, City Manager Mike Selden said.
Woldman noted that city expenses were increased over the past fiscal year, but explained that was because of an increase in street maintenance and repairs.
The city’s budget, not including the water and sewer fund, is a little more than $2.2 million.
PHOTO: Finance Director Cheri Parrish