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|Ferriday adopts $2.5 million budget|
The Ferriday Town Council adopted a $2.5 million budget for the 2009-2010 fiscal year during a special meeting Monday night
Mayor Glen McGlothin said the budget is similar to the 2008-90 fiscal year budget. The new budget projects $2.18 million in expenditures resulting in a projected operating income of $358,275.
McGlothin said the current proposed budget does not include the $750,000 the town will receive through a water revenue bond for repairs to the water treatment plant.
Discussion of this funding was postponed until the July. While the bond has been approved, paperwork has not arrived, McGlothin said.
The budget also does not account for lawsuits against the town which are being studied by CPA Jeri Sue Tosspon.
McGlothin said Crescent Chemicals has a suit for $40,000 against the town because payments to that company were stopped.
"They paid three payments and then quit," said McGlothin, "I don't know why -- I wasn't here then."
The town has also received a $160,000 bill from Risk Management for back payments on the town's liability insurance.
McGlothin said the town's accountant is looking at the records of payment to see if the town actually owes the money. He put a rush on the request since the matter must be cleared up by June 30 or the town will lose its liability coverage.
McGlothin said the town also dropped its property insurance the last two years on City Hall, the sewer plant, the swimming pool and the gymnasium.
"We are required to have that," McGlothin said.
The mayor said the projected income in the new budget from fines and DWI penalties is $250,000, down from $400,000 in the original 2009 budget under the previous administration.
"We're not writing as many tickets, but that may change," McGlothin said. "We've written tickets lately for people going 15 or 20 miles over the speed limit and one for someone going at least 65 miles per hour. We're going to start writing more tickets until people slow down."
The budget, which goes into effect on July 1, 2009, includes $1.1 million in sales tax and a $240,000 sales tax reimbursement check from Walmart, a figure that is $30,000 less than the town received in 2009.
McGlothin said earlier this year that Walmart officials informed him there was never a formal written agreement between the Town of Ferriday and Walmart concerning payments of $300,000 for 10 years and that the payments will decrease by 10 percent over the next 10 years.
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