Eureka Will Deficit Spend to Pay for Long-Awaited Projects
Date Posted: July 13, 2023
Posted In: Projects,
From Leader Publications: Eureka will spend $3.1 million more than it brings in next fiscal year, largely due to some big-ticket improvements included in the 2023-2024 budget, according to the budget approved this month.
That budget calls for the city to spend $18,521,637 and bring in $15,432,050 in revenue next fiscal year, which began July 1 and ends June 30, 2024.
The city will rely on reserve funds to shore up the operational budget, according to the new budget.
“We’re spending more than last year – that’s normal,” said city finance director Barbara Flint.
The largest source of revenue for the city is the sales tax, and the city anticipates bringing in $3 million in sales tax revenue, budget documents indicate.
The city is projected to end the current fiscal year with $35,009,973 in reserve funds and the 2023-2024 fiscal year with $31,920,386 in reserves.
Mayor Sean Flower said the city continues to use the proceeds from selling the water and sewer system to Missouri American Water in 2021 for $28 million to fund road improvements and maintenance projects.
However, some of the largest projects in the city’s budget do not yet have a price tag.
According to Flint, cost estimates on the Allenton Bridge repair project, construction of the new Michael A. Wiegand Justice Center and additional flood mitigation measures will be determined later.