Lake Ozark aldermen approved a mid-year budget amendment Tuesday, July 24, with little fanfare.


Lake Ozark aldermen approved a mid-year budget amendment Tuesday, July 24, with little fanfare.
City Administrator Dave Van Dee said his approach continues to concentrate on revenues with manageable expenses as the city enters the second half of the budget year.

He provided three general themes for the board to consider:

•Continue the city’s conservative approach to revenues with the understanding that although sales taxes are performing well, the city also is in the process of establishing the TIF revenue capture and payment process.
•The ongoing effort to reduce non-essential expenditures requiring justification of significant expenditures not critical to conduct city business.
•The continued effort to build the city’s reserves to a level that will sustain the city during times of reduced revenue and will provide the funds for future city needs.
 
General fund
The 2012 mid-year snapshot shows revenues over expenditures of $11,525.36.
Van Dee said in a memo to the mayor and aldermen that the year-end balance is a projection, and historically the city has ended the year at a higher level since revenues typically come in higher and expenses are less than estimates.
Also included in the budget amendment was a $2,000 donation to the Lake of the Ozarks sign project. The sign committee asked for $5,000.

Transportation fund
The mid-year amendment includes revenues over expenditures of $15,025.79.
The change in projected year-end balance is due to repair costs for a road grader which tripled the equipment repair costs. City staff also has issues with one of its trucks that may need to be addressed by year end.
If the funds are not needed, the Budget Committee agreed to place an additional $10,000 in the city’s reserve fund.

Sewer fund
The balance of revenues over expenditures is estimated at $14,530.79.
The vehicle line item was increased to cover the cost of replacing a sewer crane truck ($98,315).
Also included is $1,300 to provide short-term financial assistance to Laclede Industries so it can continue to collect glass for recycling at the Waste Watchers site on Valley Road.

Water fund
The balance of revenues over expenditures is $49,730.03. This is due to the city having to refinance the 2002 Series Bond and the implementation of a rate adjustment approved in the third quarter of 2011.
The Budget Committee recommended that $15,000 be placed into the city’s water operating fund reserve.

Capital Improvement
The mid-year amendment indicates there will be a balance at the end of the year. The city is paying now for work on the sewer upgrade rather than wait. The Budget Committee is proposing an additional $50,000 be added to the current reserve fund at the end of the budget year.