SYRACUSE -- City Manager Bob Rice said when all of the revenue is tallied for the 2010-11 fiscal year, which ended on June 30, city leaders may find as much as $180,000 in additional funding to put toward road repair.
Rice said it will be a few days before sales tax revenue for the past fiscal year comes in, but he said he expects the result will be a positive one for city staff. He suggested a windfall from the last fiscal year may help the city address at least one small road project.
The city council approved some final adjustments for the 2010-2011 fiscal year at a recent meeting, which will result in a bigger surplus than anticipated, according to Stephen Marshall, finance director.
A potential windfall in the surplus means city staff may have more funding to put toward road repair than they had for the entire fiscal year. The city had just $78,000 to spend on repair and maintenance last year.
City leaders have been looking for months at different options to find a revenue stream to address deteriorating roads.
They estimate they will need $2.89 million to address immediate road repairs, plus as much as $10 million over the next five to 10 y ears to complete all the needed road work.
Mayor Jamie Nagle said the city is getting on more solid footing, financially, with a move in the past two years to increase the fund balance. She noted leaders have cut general fund expenditures by almost $2 million and also been able to raise the city's fund balance to nine percent.
State law allows a municipality to carry a fund balance of up to 18 percent.
"We are saving for a rainy day," Nagle said.
She notes the process has been slow, but said it is moving the right direction.