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The Lake News Online
  • Aldermen approve LO budget

  • It's budget time at the Lake of the Ozarks, and the city of Lake Ozark wrapped up its 2014 budget discussions Tuesday night with unanimous approval by the board of aldermen.
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  • It's budget time at the Lake of the Ozarks, and the city of Lake Ozark wrapped up its 2014 budget discussions Tuesday night with unanimous approval by the board of aldermen.
    Lake Ozark's projected expenses for the coming year are $8.7 million, up slightly (less than 1 percent) from $8.69 for 2014. Projected revenue is actually slightly less for next year at $9.11 million compared to $9.23 million in 2013.
    The city's budget is comprised of seven funds including general (operating) fund, transportation, sewer, water, TIF (Tax Increment Financing), NID (Neighborhood Improvement District) and capital improvement.
    General fund
    According to City Administrator Dave Van Dee, the general fund projects $86,458 in carryover to balance the budget. The city is also working toward increasing its reserves in each of the funds to meet recommendations from its auditing firm and to comply with generally acceptable accounting standards. To that end, the city will see a 65 percent increase in general fund reserves in 2013.
    The city has $182,224.40 in cash on hand and CDs.
    Although overall revenues are projected to decline slightly in 2014, Van Dee anticipates sales tax revenues will increase by about 4.2 percent from 2013. The budget anticipates revenues in the planning department will be significantly less than 2013, but could change if building projects increase during the year.
    Major features of the 2014 include:
    •Wage increase of about 3 percent with limited exceptions based on anniversary date and performance evaluations.
    •It provides $45,614 for lease of the new city hall/police department facility
    •It provides funds for two new vehicles for the police department before the end of 2014
    •It provides $14,037 in lease payments which will provide the final payment on the lease/purchase of two storm sirens
    •It provides for the purchase of specialized equipment for the Community Development Department
    •It provides funds for employees and/or board members to attend training and conferences.
    Transportation fund
    This fund will increase by $3,417 and includes:
    •A cash carryover of $18,269 to balance the budget
    •$20,000 for purchase of a CD to be added to a $40,075 CD which will help restore the fund to the level it was at the start of 2013. Van Dee noted that some of the reserve funds were used to cover unanticipated heavy equipment repairs.
    Sewer fund
    This fund will increase by 12.8 percent, or $150,278 and includes:
    •No cash carryover to balance the budget
    •Adding $45,000 to an existing CD to bring the reserve fund to $210,216
    •The addition of one full time staff position and the continued funding of a part-time seasonal employee
    Page 2 of 2 - •Approximately $1.88 million to continue repair and improvement projects for the sewer as the result of a district court judgment after a 2007 sewer spill
    Water
    This fund will increase 5.9 percent, or $52,438 and includes:
    •No cash carryover to balance the budget, but $205,217 in bond proceeds will be carried over as a payment on completing a 10-inch water main extension
    •Transfer of $30,000 for purchase of a reserve fund CD
    TIF
    The TIF was a new fund in 2012 as the result of development of the Shoppes at Eagles' Landing. Revenues are projected at $1.23 for 2014 with expenses of $1.16 million.
    NID
    Neighborhood Improvement District revenues and expenses are projected to be the same at $263,740.
    Some of the NIDs (Eagle Roscoe, Knox Point and W-26) do not generate enough revenue to offset bond payments, so transfers from the general fund are necessary.
    Capital improvement
    This fund increased from $77,484, or about 2.8 percent from 2013.
    Revenue is projected at $2.8 million and expenses at $2.7 million.
    The revenue includes $1.88 million anticipated through the Missouri Department of Natural Resources Sewer Revolving Fund loan program. These funds have been re-allocated from the 2013 budget for improvements to the sewer resulting from the district court judgment.
    An additional $50,000 will be added to the fund reserves
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