KINGMAN BUDGET ADOPTED
Final adoption of a budget totaling more than $222-million occurred during a special Kingman City Council meeting Tuesday.
Finance Director Tina Moline told Council members that the spending plan that normally allocates about $1-million to the contingency fund is set at $2.55-million in fiscal 2021.
Moline said that will enable a larger payment on public safety retirement fund debt, provided contingency monies are not drained by uncertainty associated with the COVID-19 pandemic. She said staff is confident that the spending plan has sufficient carry-forward money.
``At the end of fiscal 2021 we’re expected to have just over $14-million in our ending fund balance, which does meet our fund balance policy. It puts our fund balance at 40% of our budget expenditures and transfers that does not include contingency,” Moline said.
``That fund balance policy is best practice. I think that this year, going into 2021, it shows why it’s important to keep these dollars in our fund balance and that’s because we had to tap into those in fiscal 2000-2021 due to the pandemic.”