A public hearing will be held this (Wednesday) evening at the City Hall in Atlantic, with regard to amending the Fiscal Year 2012 Budget. The 5:30-p.m. hearing takes place during a regularly scheduled session of the Atlantic City Council, and will be followed by a Resolution to approve the amended budget.
According to City Administrator Doug Harris, the budget amendment is necessary primarily due to changes recommended by the State Auditor that suggest $9.1-million dollars in costs for the Wastewater Treatment Plant be shifted from the Capital Project Fund into the Sewer Fund. Another factor playing into the amendment, is the Council’s decision to refund the 2007 General Obligation Bonds. That requires the City to pay off the principal on the bonds this year, in the amount of $655,000, from the proceeds of the 2012 G.O. Bonds.
Harris says that while that will increase the budget for the current year, it will result in the City saving over $45,000 in interest. Other factors associated with the need to amend the 2012 Budget include: An increase in revenue from the sale of aviation fuel, which offset the City’s cost; A large donation to the Atlantic Public Library, which the Library Board used to make repairs and equipment purchases; And, $25,000 from the 2011 Bonds was transferred to the Community Promotion Fund to pay for this year’s contribution to Iowa Western Community College’ Design Technology Program. Harris said the Community Promotion Committee has also made contributions to various organizations, which exceeded the original budget.
In other business, the Council this evening will consider a resolution authorizing bids for improvements to the Street Maintenance Building, which is expected to cost about $55,000. Harris says that while that is in-line with the amount originally approved in the 2011 Bond issue, because bids for street and park improvements came in higher than the engineer’s estimate, that’s left the City with just $30,000 in bond proceeds to pay for the improvements. He’ll recommend the City transfer $25,000 of the $63,000 in proceeds from the recent sale of land, to cover the remaining cost of the project.
The Council is also scheduled to hear a report from Atlantic Municipal Airport Manager, Barry Reid, during their meeting this evening.