A Look at the 2020-2021 Camdenton Budget: Less spending from reserves, employee raises and more
The City of Camdenton Board of Aldermen held the first reading of their 2020-21 budget Tuesday night, highlighting the city’s plan to move forward into what will certainly be a unique year ahead.
City Administrator Jeff Hooker says that one of his main priorities with the budget was to find ways to limit the spending the city was doing from reserves and to get the budget into an overall more balanced state. In order to do this, residents may notice a somewhat higher than normal distance between Revenues: $12,369,973 and Expenditures: $12,860,761. However, Hooker says this is part of the plan in action.
Hooker says that the current city reserves are in good shape because of fiscally conservative history. The previous fiscal year saw unprecedented revenue growth of around 7-8%. This was unexpected, as the COVID pandemic made many believe the area would take an economic hit. The opposite was true. Hooker says the area saw a large number of second homeowners flood the area in the summer, filling grocery stores and restaurants and bring a hefty increase in sales tax.
Though this boom was great for Camdenton, Hooker and the city have decided to set their estimated revenue increase at just 1.5% for the next fiscal year. Hooker explained that this was a conservative figure, but they aren’t expecting the same boom in traffic to happen in 2021. Conservatively estimating this revenue will also allow for capital projects to be funded without having to trim from other areas or reserves if revenues don’t meet their goals.
“That’s good fiscal management, living more within our means,” Hooker said.
City employees will also see a 45 cent overall raise, as part of an annual increase. This adds up to around a $936 year-total raise. The state has mandated a minimum wage od $12 by Jan 2023. This 45 cent raised, compounded through future years, will have the city on track to meet that minimum in time.
Other city areas of note in the provided budget layout:
General Fund revenue: $2,474,020.00, expenditures: $2,555,130.00, difference: -$81,110.00.
Water/Sewer Fund revenue: $979,400.00, expenditures: $1,347,388.00, difference: -$367,988.00.
Transportation Fund revenue: $7,860,582.00, expenditures: $7,921,826.00, difference: -$61,244.00.
Special Road District "R" Fund revenue: $65,225.00, expenditures: $68,125.00, difference: -$2,900.00
Special Revenue Fund revenue: $976,653.00, expenditures: $954,207.00, difference: $22,446.00.
Economic Development Fund revenue: $11,225.00, expenditures: $11,225.00, difference $0.00.
To see the entire budget, go to https://www.camdentoncity.com/Proposed%202020-2021%20BUDGET.pdf