MADISON, Ala. (WHNT) – Madison leaders continue to discuss the city’s Fiscal Year 2016 budget.
As the city turns the fiscal year calendar, it is closing 2015 in a record-setting way.
“Revenues are looking outstanding this year for 2015,” said Mayor Troy Trulock. “One more month left to go, but we’re on track to have the best revenue year in eight years for the city of Madison.”
In 2016, city leaders are projecting less than $30 million in expenditures and more than $30 million in revenue, but that will not lead to a spending spree. Despite an expected 4 to 5 percent increase in sales tax revenue for this upcoming fiscal year, the city is budgeting for only 2.5 percent.
“We’re not trying to overachieve, we’re trying to just make sure that we remain conservative,” said Trulock.
The extra cash flow does translate to a 1.5 percent cost of living increase, as well as a long-due step performance raise for city employees.
“Last couple years when we were going through sequestration and government shutdown and all that, budgets were a little tight,” said Trulock. “Our employees deserved raises, but we just didn’t quite have the money, but this year we have it and it looks like next year we’ll have it as well.”
The city will also continue to add three new police cars to the department’s fleet and continue to repave side streets. Roughly $26 million are allotted for active capital improvement projects.
The flexible revenue also means a more secure budget for Madison, despite uncertainty from the state.
“I think we can weather any of the issues that come out of Montgomery,” said Trulock.
If city council does not approve the budget at Monday’s meeting, members will continue to discuss it at next week’s work session. The council will meet again September 28.
To see the full proposed budget, click here.