LAKEPORT— The City of Lakeport is projected to have a total budget of $18.4 million for the 2023-2024 Fiscal Year as discussed during the Tuesday City Council meeting.
“This starts back in February, this is about a 5-month process,” Lakeport Assistant City Manager and Finance Director Nick Walker said. “It is a pretty robust document, and we try to present the information in a way that is easy to digest.”
Walker said the total expenditures for Lakeport total at almost $30 million.
“That is an $11 million difference. Most of the expenditures are part of projects that the funding has already been received for,” Walker said.
Lakeport will have approximately $808,134 for their general fund money. 84 percent of the general fund revenue comes from local taxes.
Projects carried over from the previous fiscal year that are part of the general fund are Carnegie Library ceiling and lighting, Police Vehicles and demolition of Natural High.
Walker said after everything is accounted for, the city is looking at about a $5,000 deficit.
“This makes up less than one percent of the general fund budget, so in my perspective it is a balanced budget,” Walker said.
Walker added it is difficult to project our local economy. Other cities are seeing even larger reductions in funding.
“This is my seventh budget cycle as the finance director, and has also been by far the most challenging,” Walker said.
City manager Kevin Ingram said the city is being conservative with the budget this coming fiscal year. The city is not looking to add any new projects or spending for this budget.
“Hopefully we see things rebound a bit in a positive light and we can start pushing more projects. We just need to make sure we are planning appropriately,” Ingram said.
The budget will be brought back at the next city council meeting for adoption on June 20, 2023.
City Council meetings are held on the first and third Tuesday of each month. Regular Council meetings begin at 6 p.m. in the City Council Chamber, 225 Park Street. The public is invited to attend all Council meetings.
