City of Fairbury Approves New Budget

FAIRBURY – The Fairbury City Council approved a $30.16 million budget for the 2017-18 fiscal year during their regular meeting Tuesday night.

Accountant Brian Blobaum told the council that the tax request for the new budget will be $576,856 for the general fund and $366,895 for the bond fund. That translates to a levy of roughly 30 cents for the bond fund and 47 cents for the general fund.

:23     “…maximum is 47.”

Blobaum says that while the budget allows for a little more than $30 million in spending, actual expenses in recent years have been in the neighborhood of $15 million.

:20     “…to be spent.”

Blobaum said Fairbury has a history of spending significantly less than it has budgeted for and its reserves are in healthy shape as a result.

The council approved the new budget and tax request unanimously.

Also during the meeting the council gave approval to an ordinance allowing them to issue the first series of bonds to pay for the new swimming pool. Phil Lorenzen of D.A. Davidson said the bonds would cover up to $1.5 million toward the construction at an interest rate slightly below 2 percent with funds delivered around the third week of October.

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