The Clinton Herald, Clinton, Iowa

Local News

January 18, 2014

Monday work session begins important process

CLINTON -- The first of five City of Clinton budget sessions will start Monday at 3 p.m., beginning a month-long process that will result in setting Clinton's FY 2015 financial template.

So immense is the undertaking that Clinton Finance Director Anita Dalton explained city staff has broken each session into talking points, which means Monday will focus on debt and capital funds.

"Fund accounting is just different than your regular private industry," Dalton said. Having been hired in September, Monday marks her first city budget session as director. "You want to be diligent that you're spending taxpayers' money in a prudent fashion. There's been a lot of work to get us to this point and there will be a lot more work when we get done with the workshops."

Dalton summarized six agenda items:

1. Debt Service Funds

The city will review revenues and expenditures for Debt Service like judgments, general obligation bonds and lease agreements. Proceeds from this fund are used to pay out outstanding indebtedness.

"There's one main fund, we call it our debt service fund, that we pay all of our existing notes out of," Dalton said. Things that we've bonded for."

2. Current Capital Projects Fund

This discussion will outline the existing capital project funds for FY15. They include Mill Creek Parkway, U.S. 30 reconstruction and Railport Development. Regarding Mill Creek, the overview packet states that Clinton is in its seventh year out of nine in repaying the project.

3. Capital Improvement Plan Projects

This was determined by city leaders to be the most pressing projects to be scheduled in this year's budget.

"After they went through the whole list of projects, these were the ones determined by our committee to be the most urgent in nature," Dalton said. "And we were to try to get them into fiscal year 2015."

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