Ad-Express and Daily Iowegian, Centerville, IA

May 4, 2014

Cincinnati to amend current budget

By Michael Schaffer
Managing Editor

---- — The Cincinnati City Council has a public hearing scheduled for 7 p.m. Monday, May 12 to amend the fiscal year 2014 budget that ends June 30.

The city has to amend the FY 2014 budget due to unexpected expenditures for legal services in the amount of $16,000 for contracted accountant services related to the audit of the fiscal year 2012 budget.

The revenue side of the budget shows no amendments.

The additional $16,000 expenditure tips the revenue/expenditure balance even more for fiscal year 2014.

Prior to the additional expenditure, Cincinnati was looking at a fiscal year deficit of revenues to expenditures of $12,383. Now the deficit is projected to be $28,383.

The city’s ending fund balance will go from $371,043 to $355,043.

Cincinnati is projecting FY 2014 total revenues to be $336,475 and total expenditures to be $364,858.