META — The Meta Board of Aldermen approved their 2024-25 budget at last Wednesday night’s meeting. The new budget predicts Operating Fund revenue of $174,500 and expenses of $173,020.60, …
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META — The Meta Board of Aldermen approved their 2024-25 budget at last Wednesday night’s meeting. The new budget predicts Operating Fund revenue of $174,500 and expenses of $173,020.60, and Water Fund revenue of $75,000 and expenses of $103,000.
The new budget included a 3% cost of living raise for city employees.
The Park Fund and Motor Fuel Fund are budgeted to break even. The Park Fund shows both income and expenses of $9,700, and is expected to end the fiscal year even with its starting balance of $7,900. The Motor Fuel Fund shows revenue and expenses of $5,900, and is expected to end the fiscal year even with its starting balance of $119,400.
The Capital Improvements Fund, which has a balance of $142,500, has no income or expenses budgeted.
The board also amended the 2023-24 budget to align more closely with what was spent.
The City’s Operating Fund has a balance of $614,344.74 as of May 1. There were deposits of $26,356.20 and debits of $44,021.71, leaving an ending balance of $596,679.23 on May 31.
The city’s expenses were especially high due to the purchase of a new lawnmower for $11,245.08 and a payment of $20,178.31 to Bartlett & West for matching funds.
The city’s money market account had an ending balance of $142,114.56, the CDBG checking account had $5. The two CDs had ending balances of $128,825.46 and $51,731.72, bringing the city’s total Mid-America Bank accounts to $919,350.97.
The board voted to reinvest the principal from the city’s $50,000 CD, which matured the day after the meeting, for seven months, which had the highest return (4.95%). The interest from the previous period will be transferred to the General Fund.
Disposition of the city’s $125,000 CD, which matures on July 29, will be decided at the next meeting.
For last month, the city collected $5,765.30 in water fees, $1,302.98 for trash, $194.38 in tax, and $260.00 in late fees, for a total of $7,522.66. The city had a previous balance of $2,860.76 in unpaid utility bills, which rose slightly to $2,892.91.
It was noted that approximately $2,000 of the unpaid bills was from a single account, which continues to accrue the minimum balance due. That account was referred to the city attorney for action.
The city pumped 534,186 gallons of water and sold 360,529, leaving a water loss of 32.51%.