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Local

Budget talks kick off with review of funds

DIXON – A review of a handful of city funds kicked off budget talks as commissioners met Monday for the first of at least four workshops.

The City Council reviewed balances and projections with little to no debate in its Oakwood Endowment, Medical Insurance, Working Cash, Illinois Municipal Retirement and Social Security funds.

Talks about the Wastewater and Water funds were tabled when Finance Director Paula Meyer said some numbers will need adjustment.

Meyer said the plan for Monday was to start with funds that have a set mechanism for revenue or spending.

The Oakwood Endowment Fund, for example, is expected to bring in $500 in investment income that must be transferred into the city’s cemetery fund.

Because the city is self-insured, it plans on collecting about $950,000 in premiums that are budgeted straight to expenses.

Working Cash took in $500 in interest income from a working cash bond, while both the Social Security and municipal retirement funds are looking at expenses of $250,000 and $200,000, respectively.

The next budget workshop is scheduled for March 25.

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