VIDEO: Newark City Council approves 2013 operating budget
The City of Newark finalized it's financial plans for next year by approving the 2013 operating budget at last night's meeting.
Despite a surplus forecasted at just under $175,000, down 60% from an estimated percent from 2012, Newark Mayor Vance Funk says he's pleased with next year's operating budget.
"Financially, we're in very good shape. Not many cities can say that," he says.
Budget documents show the city is projected to take in just under $39.5 million with $33.8 million in estimated expenses and about $4,060,000 in capital improvements for 2013.
The budget includes a one and half percent rise in property taxes, roughly $7 dollars for the average home, a means of collecting revenue that council was trying to keep low.
"The prevailing view on council was that property taxes should track the inflation rate in the United States," Funk says.
Electric rates would also see an slight increase, of approximately $11 for the average home. Those hikes would go into effect on July 1st.
He says the city may also find funds by the end of 2012 that could be used to help replenish the city's diminished cash reserves.
"If you looked at the October numbers, it looks like that there's going to be one, maybe two million dollars in extra money at the end of the year, which will be transferred into the reserves," he says.
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