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home : news : north central illinois   April 29, 2016

3/13/2013 6:15:00 AM
Princeton to address debt in FY2014 budget


Lee Strubinger
Princeton Bureau Chief



PRINCETON — The city of Princeton’s fiscal year 2014 budget will attempt to catch up on loans for several projects it has taken on simultaneously and address much needed capital improvements.

During a final meeting Monday night before city manager Jeff Clawson’s budget is brought before  the council, he said he expected that money in the city’s reserve fund by the end of the current fiscal year will reach $1 million.

That’s compared to zero at the end of last fiscal year.

“It’s been a good year,” Clawson said. “So now I think we need to continue to grow the reserve and get aggressive about paying down the debt.”

All funds for city operations are balanced, with the exception of the garbage and water funds.

The garbage fund will finish the coming fiscal year with a net loss of $63,000, which will be absorbed by its $650,000 cash reserve that maintains itself regularly, according to Clawson.
He said there are two reasons for the debt. The first reason is that money is going toward paying for the Goodrum property. The second is the city is financing engineers for landfill testing to remain in compliance with the Environmental Protection Agency.

The water fund will finish the coming fiscal year with a net loss of $59,000, which will be absorbed by its cash reserve of around $300,000. This comes as the city tries to get its water treatment plant up and running.

The city will have $95,000 going toward street repair, $25,000 of which has been re-purposed from grant money for facade treatment on downtown buildings. Fairgrounds Road has received outside grant money to be improved. A stretch of Sixth Street from Backbone Road to Peru Street also is being considered for resurfacing, due to heavy semi-truck traffic.

In looking ahead, the city has put off purchasing four squad cars for the police department in hopes that next year’s budget will be better suited to pay for those vehicles. Clawson said they will be a priority next year.

In other business:

* In order to remain ADA compliant, the city has set aside $75,000 for a front ramp into City Hall.

* The city will be looking at a three-year financing plan for a new dump truck and a four-year financing plan for a new ambulance.
 
Lee Strubinger can be reached at (815) 879-5200 or ntprinceton@newstrib.com.










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