The Taylor Town Council approved a tentative budget of $6,098,345 for fiscal year 2015-16 on July 2.
The tentative budget is required by law to be set by the third week in July, Town Manager Gus Lundberg advised council prior to their vote.
The council held a budget work session June 4, so did not have many questions.
Lundberg noted that Taylor has expenditure limitations approved by voters, which makes it so that the council sets a budget it thinks is prudent and necessary to the town rather than the state imposing a budget limit.
He went on to explain that once the tentative budget is set, it will be published in the newspaper for two weeks, a public hearing will be held in August and the council could then make any changes in the budget deemed necessary, but could not change the total amount of $6,098,345.
“Do revenues take into account Walmart coming or other things?” asked Councilman Jason Brubaker.
Lundberg said that they do anticipate some revenues from Walmart because the Taylor store is expected to open in early spring 2016.
The town manager further explained that the decrease in the budget is due to less in Highway User Revenue Funds, and said that his goal for ending reserves is to have about a three-month cash reserve.
The total estimated beginning reserves, or what the town had on hand July 1, is $2,110,000. Revenues are anticipated to be $5,853,070 and expenditures are anticipated to be $6,098,345, with an estimated ending reserve at $1,864,725.
A motion to approve the budget passed unanimously.
