Finance Procurement Committee will meet to discuss future of local economy
The city’s Finance and Procurement committee will hear recommendations tonight on how to use the city’s surplus.
Any surplus that exceeds 25 percent of the ending fund balance at the end of the fiscal year may be used by the Newton City Council for a one-time expenditure. Tonight, city staff will recommend to the committee the council use the surplus of $294,530 for various projects. One would include renovations to the council chambers and atrium of Newton City Hall for $50,000. The staff is also recommending $40,000 in exterior improvements to city hall. The council also will use $6,300 to cover budget shortfalls in the 2014 budget.
The committee also will hear a recommendation for a non-budgeted expenditure to retain Buxton Company to perform a retail analysis for Newton. Buxton Co. specializes in retail reports that help municipalities bring developers to their area. According to the recommendation, Buxton Co. prepared a report for Indianola, and the city has since generated approximately $3 million in development as a result of the report.
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