JONESBORO, AR (KAIT) - In a Jonesboro Finance Committee meeting, Mayor Harold Perrin and committee members approved a budget, knowing of the possibility of having to use alternative revenue sources to keep the reserves funds afloat.
According to the city's Chief Financial Officer, the city has a 1% increase planned for their Operation and Maintenance budget and a 2% increase planned for the employees' salaries and benefits in 2018.
Mayor Harold Perrin said residents can expect a lot of orange cones and traffic work for 2018 as well.
"We will do a lot of road projects such as yellow flashing signs, dedicated right turn lanes because we realize in the city, we have a lot of traffic," said Perrin. "We are just very blessed and pleased to get the STIP of $90 million which will help out on some of the major intersections."
According to the chief financial officer, by 2021, the city will be close to breaking even on their excess reserve funds but in 2022, they will be under water.
To keep things going for years to come, Perrin said they may have to look at alternative revenue sources for the city.
"We will probably have to pull back on capital improvements and adjust," said Perrin. "We can have grants division, hopefully, we can get more grants. We'll know more about that when we come from DC. It could be a sales tax. It could be a lot of things that we would have to look at. There is a lot of options out there the question is which is the best. We will just have to look at it when the time comes to look at it."
For the most part, Perrin said he is pleased with the work the finance committee has done to get the budget finalized.
It goes before Jonesboro City Council Nov. 21.
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