PARKERSBURG - City council will be asked to approve a 2 percent budget revision at its regular meeting at 7:30 p.m. today in council chambers on the second floor of the Municipal Building.
Prior to the regular meeting, the Public Works Committee will meet at 6:15 p.m. to receive an update on a proposed concert park in south Parkersburg. The Finance Committee will meet at 7 p.m. to approve the budget revisions set for the regular meeting.
Both meetings are open to the public and will be held in the small conference room on the second floor of the Municipal Building.
Mayor Bob Newell said the $666,440 adjustment is due to the budget carryover coming in below expectations.
"We have to adjust our budget by about 2 percent across the board as the carryover was not as much as projected," he said. "B&O (building and occupation tax) came in less than projected and the auditors adjusted our budget to match about $365K we transferred to pay back money borrowed from capital reserve a couple of years ago. It's a paper money adjustment, but we still have to reduce expenses in this coming year to show a balanced budget."
Newell said the lower carryover was not due to overspending in other parts of the budget, and is not due to any cash flow problems.
"We have over $4 million in checking and another $2 million in capital reserve and general fund savings," Newell said. "This projection had to be made in January of 2012 for July of 2013. Two percent is pretty accurate, unfortunately it's less instead of more."
Newell said most of the 2 percent reduction will be dealt with by holding off on the purchasing of equipment, "but it will not affect service."
Council also will be asked to approve the first reading of an ordinance authorizing the city's finance director to conduct an auction of city property Sept. 14. Departments are in the process of submitting lists of property and a final list will be available for council's second reading Sept. 10.
An Urban Renewal Authority meeting will begin immediately following the regular council meeting. The meeting is open to the public.