Budget committee reviews current, future budget

JACKSON, Tenn. — The City of Jackson is taking steps toward the final budget for the upcoming year.

The city budget committee is preparing the upcoming year’s budget by reviewing and comparing past years.

With only three months left of this fiscal year, city councilman Paul Taylor says this year’s budget had positive results, and the revenue sources continue to track ahead of the budget.

“We budgeted conservatively around these numbers last year, so to see them approaching or exceeding 100% with three months to go is a very positive indicator for the rebound that we’ve had and the future for next year,” Taylor said.

The City of Jackson’s Director of Finance, Bobby Arnold says if the revenue continues to be strong, it could result in more funds for the next budget.

“Everything now would suggest the general fund is on track to complete this year, with a surplus, and probably grow the fund balance of the surplus from the prior year,” Arnold said.

Looking forward, Taylor says they are focusing on if the surplus could be used for other items and how they can use the American Rescue Plan.

However, they are not able to plan until they receive guidance on what it can be used for.

“That’s a key component to our budgeting for this year, and it kind of put us in some what of a holding pattern, specifically in our capital budgeting, but also in some other areas,” Taylor said.

The committee is anticipating the guidance from the Department of Treasury next week and believe they will receive those funds around May 12.

By May 13, they hope to be finished with almost all of the proposed budget.

Taylor says this will give them time to have multiple meetings before finalizing it in on June 30.