Despite the coronavirus pandemic the City of Princeton is projecting a budget surplus and is taking advantage of this to propose yet another record breaking paving year during Fiscal Year 2021.
At a City Council meeting held Monday evening at Planter’s Pavilion beside City Hall, which was held according to social distancing mandates, Mayor Kota Young gave an update of the pandemic’s effect on the city.
He added that in spite of several businesses shuttering their doors during the pandemic, projections currently indicate the city will end the fiscal year on a good note, running a surplus significantly over a quarter of a million dollars.
Mayor Young stated that even with the surplus the City was still able to fully invest in several rebuilding efforts.
He then outlined his current budget proposal for Fiscal Year 2021, which is projected at $4,518,651.40 and would include a $338,749.17 reduction in projected general fund revenues due to continued uncertainty surrounding the pandemic.
Mayor Young explained the pandemic would actually allow the City to conduct another record breaking paving year due to drastically reduced paving costs.
He did note, however, the City would have to utilize $500,000 in short-term financing to cover a portion of the paving costs.
Mayor Young also recommended the personnel payplan for Fiscal Year 2021 and a budget amendment for Fiscal Year 2020.
The budget and personnel payplan for Fiscal Year 2021 and budget amendment for Fiscal Year 2020 will be voted on during the next regular session Princeton City Council meeting on Monday, June 15th at 5PM. The meeting is open to the public.
